AMLC Freezes ₱21.2B in Assets Over Alleged Flood Control Anomalies — BOC Exec

The Anti-Money Laundering Council Anti-Money Laundering Council (AMLC) has frozen an estimated ₱21.2 billion worth of assets linked to alleged anomalies in flood control projects, according to a senior official of the Bureau of Customs (BOC).

The asset freeze, the official said, followed financial intelligence findings that flagged suspicious transactions connected to infrastructure projects meant for flood mitigation. These transactions reportedly showed patterns consistent with money laundering indicators, prompting the AMLC to exercise its authority under existing laws.

Authorities clarified that an asset freeze is a preventive measure, not a declaration of guilt. It is designed to preserve funds while investigations and possible court proceedings are ongoing. The move allows regulators and prosecutors to trace fund flows, identify beneficiaries, and prevent the dissipation of assets potentially linked to unlawful activity.

Flood control projects have long been vulnerable to scrutiny due to their scale, urgency, and decentralized implementation. Investigators are reportedly examining whether public funds were diverted through layered transactions, shell entities, or coordinated procurement arrangements.

The AMLC’s action signals a shift from purely administrative reviews to financial enforcement, where paper trails, bank movements, and asset ownership take center stage. Governance analysts note that freezing assets at this scale reflects confidence in preliminary financial findings, while still respecting due process.

As of writing, no court convictions have been announced. The case remains under investigation, with authorities emphasizing that any further action will depend on evidence presented before the proper legal forums.

In accountability, following the money often tells the clearest story.