The September 21 directive targets a complex network of 86 bank accounts, four investment portfolios, and one insurance policy alongside the digital assets. According to the Anti-Money Laundering Council (AMLC), the funds were routed through a maze of intermediaries, money service businesses, and virtual asset platforms to mask their origin. Investigators noted that the scale of these investments far exceeded any verifiable operating income, pointing to potential violations of Republic Act No. 7080, which governs plunder.
In section Cryptocurrency
Philippine Court Freezes Crypto Wallets in Flood-Control Corruption Probe
A sweeping Court of Appeals order has locked 116 financial assets, including 25 virtual asset wallets, as part of an investigation into a prominent lawmaker’s alleged involvement in a flood-control plunder scandal. The move follows findings that the involved parties lacked legitimate revenue streams to justify their substantial investments.
While the AMLC confirmed the order stems from probable cause, officials have withheld the names of the lawmaker and the associated entities, citing strict confidentiality requirements. The freeze acts as interim relief, preventing the transfer or disposal of assets while the state builds its case. Philippine law mandates an initial 20-day freeze, though the Court of Appeals may extend this period for up to six months following a summary hearing. Previous inquiries into flood-control corruption—specifically reports from the Cybercrime Investigation and Coordination Center—previously identified patterns of converting illicit funds into USDT, with some transactions estimated in the tens of millions of dollars. Authorities are now utilizing this domestic legal mechanism to trace assets that had previously moved through offshore exchanges, complicating earlier recovery efforts.
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