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Manila Bulletin devider Business devider Banking & Finance devider AMLC freezes ₱5.2 billion in assets as money laundering probe continues

AMLC freezes ₱5.2 billion in assets as money laundering probe continues

Published Oct 23, 2025 03:47 pm

At A Glance

  • Philippine financial intelligence unit Anti-Money Laundering Council (AMLC) has so far frozen nearly 2,000 bank accounts and assets valued at around ₱5.2 billion, while a bank inquiry into possible signs of money laundering remains ongoing.
Philippine financial intelligence unit Anti-Money Laundering Council (AMLC) has so far frozen nearly 2,000 bank accounts and assets valued at around ₱5.2 billion, while a bank inquiry into possible signs of money laundering remains ongoing.
“As of this morning [Oct. 23], the total value of frozen assets has reached ₱5.2 billion, and we are still waiting for the submission of other bank returns and the valuation of properties covered by the six freeze orders,” AMLC Executive Director Matthew M. David said during the agency’s memorandum signing with the Department of Public Works and Highways (DPWH) and the Philippine Competition Commission (PCC).
David declined to name the individuals linked to the frozen bank accounts and real properties but confirmed that these involve former DPWH officials, contractors, and their cohorts in connection with corruption related to flood control projects.
Beyond the six freeze orders, the AMLC has also been authorized to conduct a bank inquiry to trace possible money laundering activities.
David said the AMLC will determine possible money laundering activities based on large fund withdrawals made between the President’s State of the Nation Address (SONA) and the issuance of the freeze orders, once the bank inquiry is completed.
To recall, the latest freeze order included 39 bank accounts, four insurance policies, and 59 properties, comprising residential, commercial, and agricultural assets.

Related Tags

Anti-Money Laundering Council (AMLC) Flood control
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