SCUTTLEBUTT

Politicians are getting creative in laundering the money they stole from the national budget amid the government crackdown.

The Anti-Money Laundering Council (AMLC) has frozen P6.3 billion in assets as of 5 November, including 59 high-value real estate titles, 163 luxury vehicles, 54 insurance policies, and more than 2,800 bank accounts.

Many properties are in Forbes Park, Dasmariñas Village and Ayala Alabang — exactly the “down there” upscale enclaves the speakers mention.

A real estate developer has revealed to Nosy Tarsee a sudden increase in the purchase of lots in the posh McKinley Hill Village, with a median price of P247,335 per square meter.

One politician who purchased several lots used his driver’s name to hide his identity.

Since the lot purchases are likely to be announced soon, politicians flush with cash are now shifting to artwork.

Investigators found P1.8 billion in Leon Gallery and Sotheby’s Hong Kong purchases under spouses’ names.

Some of the frozen masterpieces were all bought with cash, as with the McKinley properties.

These included masterpieces valued at up to P3 billion.

The laundering scheme works through a collusion with museums, starting with overpaying at auction.

The art pieces are then donated, for which the seller can claim a tax write-off. The museum then issues an appraisal certificate for a clean title. It is then resold overseas for a profit.