On September 16, the appellate court ordered the freeze of 135 bank accounts and 27 insurance policies linked to alleged scams, acting on a request from the Anti-Money Laundering Council (AMLC).
The SEC is part of the AMLC, alongside the Bangko Sentral ng Pilipinas and the Insurance Commission, which flagged suspicious fund flows tied to public contracts.
“The issuance of the freeze order is a step toward the right direction in the government’s efforts to address the widespread corruption that hound flood control projects, and to exact accountability from everyone involved,” SEC chair Francis Ed. Lim said.
The regulator sees the crackdown as part of its broader push to stop companies and corporate vehicles from being abused in money laundering schemes.
Lim emphasized that this kind of joint action shows the SEC’s determination to tighten governance standards and close loopholes in financial oversight.
“The SEC remains unwavering in its commitment to advancing good corporate governance across sectors to promote accountability in the management of the public’s funds and to prevent the use of the corporate vehicle for money laundering and other illicit activities,” he added.
—Edited by Miguel R. Camus
