Philippine Court Freezes Crypto Wallets in Flood Control Scandal
The Philippine Court of Appeals has issued a freeze order on 25 virtual asset wallets and 86 bank accounts linked to a prominent lawmaker and associated entities in connection with alleged anomalies in flood control projects.
The investigation by the Anti-Money Laundering Council (AMLC) found probable cause that the covered assets are linked to plunder under Republic Act No. 7080.
Financial investigations revealed that the individuals and entities involved lacked legitimate operating revenues to justify their scale of investments, leading them to funnel kickback proceeds through a complex network involving individual intermediaries, corporations, traditional financial institutions, money service businesses, virtual asset service providers, and private crypto wallets.