The Philippines' Anti-Money Laundering Council said the Court of Appeals has frozen 25 virtual asset wallets linked to a member of Congress, along with related individuals and entities. The order also covers 86 bank accounts, four investment accounts, and one insurance policy. According to the AMLC, the assets are tied to an investigation into alleged corruption and misappropriation of public funds connected to flood control projects. The agency said the funds under review were moved through virtual asset service providers and multiple virtual asset wallets, which made tracing more difficult. It added that the freeze order is a preservation measure issued during the investigation stage and does not mean the people involved have been convicted. The Philippine Star was cited as the source of the report.
The Philippines' Anti-Money Laundering Council (AMLC) said the Court of Appeals has frozen 25 virtual asset wallets linked to a member of Congress, as well as related individuals and entities. The order also covers 86 bank accounts, four investment accounts, and one insurance policy.
According to the AMLC, the assets are tied to an investigation into alleged corruption and the misappropriation of public funds connected to flood control projects. The agency said the funds involved were transferred through virtual asset service providers and multiple virtual asset wallets, making them harder to trace.
The AMLC said the freeze order is an asset preservation measure issued at the investigation stage and does not mean the people involved have been convicted.
The report cited The Philippine Star.
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