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Manila Bulletin devider Business devider The Stock Market devider AMLC freezes over ₱4 billion in assets linked to fraudulent flood projects

AMLC freezes over ₱4 billion in assets linked to fraudulent flood projects

Published Oct 8, 2025 11:44 am  |  Updated Oct 8, 2025 02:16 pm
The Anti-Money Laundering Council and Independent Commission for Infrastructure (ICI) signed a memorandum of agreement on Sept. 30 at the ICI office in Taguig City to boost investigations into corruption involving government flood control projects.
The Anti-Money Laundering Council and Independent Commission for Infrastructure (ICI) signed a memorandum of agreement on Sept. 30 at the ICI office in Taguig City to boost investigations into corruption involving government flood control projects.
The Anti-Money Laundering Council (AMLC), in support of the Independent Commission Against Corruption (ICAC), has frozen more than ₱4 billion in assets linked to fraudulent flood control projects as the government intensifies its crackdown on corruption.
The move follows the AMLC’s issuance of four freeze orders against the bank accounts and properties of individuals and entities under investigation.
As of Oct. 3, the frozen assets include 1,620 bank accounts, 54 insurance policies, 163 vehicles, 40 properties, and 12 e-wallets.
Through a memorandum of agreement signed on September 30, the AMLC will provide full operational support to the ICI in detecting and investigating money laundering and other illegal activities defined under the Anti-Money Laundering Act.
Securities and Exchange Commission (SEC) Chairman Francis Lim, a member of the council, said, “The partnership sends a clear signal that corruption will not be tolerated.”
“Infrastructure should be a pillar for nation-building and not a playground for corruption. Through the provisions of this agreement, we will strengthen collaboration in tracing and investigating financial flow linked to irregular infrastructure projects,” Lim added.
The agencies are also committed to exchanging information and conducting joint training to track emerging trends in money laundering and terrorist financing.
The ICI was created by President Ferdinand R. Marcos, Jr., under Executive Order No. 94 to investigate the fraudulent use of funds for infrastructure projects nationwide over the past 10 years.
The AMLC is composed of the heads of the Bangko Sentral ng Pilipinas, the SEC, and the Insurance Commission.

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Anti-Money Laundering Council Securities and Exchange Commission Francis Ed. Lim Independent Commission for Infrastructure
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