CA freezes 116 accounts, wallets linked to ‘prominent lawmaker’ in flood control probe

The Court of Appeals has frozen more than 100 financial accounts and virtual asset wallets linked to an unnamed “prominent lawmaker” and other individuals and entities allegedly connected to the flood control corruption controversy.

The Anti-Money Laundering Council said the 21 September freeze order covers 86 bank accounts, four investment accounts, one insurance policy and 25 virtual asset wallets. The CA found probable cause that the assets were related to alleged plunder under Republic Act 7080.

The AMLC did not identify the lawmaker, citing legal confidentiality restrictions.

Its investigation found that funds were allegedly moved through multiple layers involving intermediaries, corporations, bank accounts, a money service business and a virtual asset platform. Investigators also found no apparent operating revenues sufficient to explain the scale of some of the investments.

“The use of multiple recipients and financial channels complicated the tracing of the funds and increased their transactional distance from their alleged source,” the AMLC said.

The council said the transactions were traced to funds allegedly associated with corruption and plunder cases involving the lawmaker.

The case also highlighted the growing use of virtual assets in transactions involving suspected illicit funds, with several wallets and virtual asset service providers allegedly used to move money.

The AMLC said it would continue coordinating with government agencies and financial institutions to identify, trace and preserve assets suspected to be linked to corruption and money laundering.