Financial accounts and insurance assets tied to an unnamed member of Congress have been frozen by the Court of Appeals (CA) amid allegations of corrupt activities involving multi-billion-peso public works contracts, according to the Anti-Money Laundering Council (AMLC).
In a resolution issued on August 25, the appellate court directed the asset freeze against the lawmaker, an affiliated construction entity, and related associates.
“The CA found probable cause that the assets were linked to violations of Republic Act No. 3019, as amended, otherwise known as the Anti-Graft and Corrupt Practices Act,” the council stated.
The court order targets several financial assets to prevent the potential dissipation of illicit funds.
“The Freeze Order covers 5 bank accounts and four insurance policies,” the AMLC noted, citing the judicial issuance.
Although the official statement refrained from naming the politician, the financial watchdog indicated that the judicial mandate stemmed from findings by the Bureau of Internal Revenue, the Office of the Ombudsman, and inquiries carried out by the House of Representatives.
While the legislator asserted that his ownership in the contractor was relinquished prior to entering public service, regulatory probes uncovered evidence contradicting the claim.
“Although the lawmaker claimed he had divested himself of his interest in the construction business before assuming public office, records showed he continued to receive proceeds from the business while in public office, indicating he continued tol exercise control over the construction companies,” the AMLC explained.