The Philippines’ Anti-Money Laundering Council (AMLC) secured Friday a fourth freeze order from the Court of Appeals in relation to assets linked to a high-profile flood control project scandal that allegedly saw some corrupt officials lose millions of dollars through the country’s casinos.
As reported by Inside Asian Gaming, the scandal centers around the awarding of around Php100 billion (US$1.75 billion) in flood control projects to 15 companies. It was recently discovered that many of these projects were not located in the country’s most flood-prone areas and that, in some cases, projects claimed to have been completed were non-existent or completed using cheap and substandard materials.
It is alleged that much of the funding was instead pocketed by contractors, government officials and insiders at the Department of Public Works and Highways (DPWH), with one specific group of individuals, referred to as the “BGC Boys”, said to have lost more than Php950 million (US$16.6 million) in embezzled money in 13 casinos across Manila, Cebu and Clark.
The AMLC said its latest freeze order – covering 57 bank accounts, 10 real estate properties and nine vehicles – expands the investigation’s reach, targeting more assets linked to alleged irregularities in flood control spending.
Prior freeze orders have already led to the immobilization of assets valued at over Php4 billion (US$69 million) – a figure the agency said is expected to rise as the inquiry deepens.
It added that the Court of Appeals has now frozen a total of 1,620 bank accounts, 54 insurance policies, 163 vehicles, 40 real estate properties and 12 e-wallet accounts. Among the assets seized are high-value holdings such as a luxury compound in a prime urban district, multiple high-end vehicles, virtual currencies and unit investment trust funds.
“These freezes are real actions that stop corruption,” said AMLC Executive Director Atty. Matthew M. David. “Every peso frozen is a peso that cannot be used to sustain corruption.”
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