Philippines Freezes 25 Crypto Wallets Tied to Flood Scandal
The order covers 86 bank accounts, four investment accounts, one insurance policy and 25 virtual asset wallets, the AMLC said.
- On Sept. 21, the Philippine Court of Appeals froze 116 financial assets, including bank accounts and virtual wallets, linked to an unnamed "prominent lawmaker" and alleged flood-control project corruption.
- Finding "probable cause" of plunder under Republic Act 7080, the Anti-Money Laundering Council secured the order to halt funds allegedly involved in complex laundering schemes.
- Investigators noted that "multiple recipients and financial channels" complicated the tracing of funds across 86 bank accounts, four investment accounts, one insurance policy, and 25 virtual asset wallets.
- Philippine law sets an initial 20-day freeze for this interim measure, which courts can extend up to six months to preserve property while the investigation proceeds.
- While the AMLC has not identified the specific lawmaker involved, the case highlights how emerging financial technology is being exploited to conceal suspected kickbacks as authorities continue tracing these assets.
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Cryptocurrency News | Cryptocurrency Prices | Market CapPhilippines freezes 25 crypto wallets tied to flood scandal
Philippine authorities froze 25 crypto wallets and 91 other accounts and assets tied to an unnamed lawmaker in a flood-control plunder probe.
AMLC secures freeze order on over 100 financial accounts linked to corruption, flood control anomalies
MANILA, Philippines — The Anti-Money Laundering Council (AMLC) has secured a Court of Appeals (CA) freeze order covering more than 100 financial accounts and virtual asset...
AMLC freezes assets linked to flood mess
The Anti-Money Laundering Council has secured another court order freezing more than 100 financial accounts and other assets linked to a lawmaker and several individuals and entities allegedly involved in corruption, plunder and flood control project anomalies.
AMLC: Freeze order issued for 'prominent lawmaker' tagged in flood control scam
The Anti-Money Laundering Council (AMLC) on Thursday said that it has secured a freeze order against a “prominent lawmaker” in connection with the flood control scam. In a statement, the AMLC said that the Court of Appeals (CA) issued a freeze order after finding probable cause that the assets were related to plunder.
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