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AMLC: Ongoing freeze orders immobilize P2.9B assets tied to flood control anomaly
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Malaya Business Insight
The latest freeze order paralyzed 836 bank accounts, 12 e-wallets, 24 insurance policies, 81 motor vehicles and 12 real estate properties.
The names of individuals and corporations included in the new freeze order were not disclosed.
The CA approved the new freeze order on September 30, following previous directives on September 16 and 19.
The AMLC said the fresh order — the biggest assets freeze so far — gives it a wider edict to investigate suspected money laundering activities linked to public infrastructure funds.
Its mandate is to stop money laundering — by tracing and preserving assets — and to recover assets from unlawful activities.