Philippines: 727 bank accounts linked to graft-ridden flood control projects frozen

Manila: The Philippines’ anti-money laundering watchdog said it has secured a new court order to freeze 592 more bank accounts allegedly linked to graft-ridden flood control projects.

This is in addition to 135 bank accounts initially frozen in relation to the probe.

“The sheer magnitude of assets involved reflects the alarming scope of corruption tied to these flood-control projects,” Matthew David, executive director of the Anti-Money Laundering Council (AMLC), said in a statement late Friday.

The freeze order is a step toward filing civil and criminal cases against those suspected to have “laundered illicit proceeds,” he said.

The latest ruling follows an earlier order from the Court of Appeals on Tuesday to freeze 135 bank accounts.

The watchdog said it will continue working with other agencies to trace and seize additional assets.

President Ferdinand Marcos Jr.’s administration is pursuing individuals and companies tied to questionable projects meant to mitigate flooding in the typhoon-prone nation.

Marcos this month created the Independent Commission for Infrastructure to determine how much was stolen from government funds earmarked for flood projects, many of which were allegedly substandard or never built.

The country has long struggled with costly flood-mitigation programs, with losses from corruption potentially running into trillions of pesos, a Senate committee heard this week.