Philippines freezes 25 crypto wallets tied to flood scandal
The Philippine Court of Appeals has frozen 116 accounts and assets, including 25 virtual asset wallets, under a Sept. 21 order tied to an unnamed lawmaker and a flood-control plunder investigation. The Anti-Money Laundering Council said the order covers assets linked to a “prominent lawmaker,” a corporation and several associated individuals and entities. The Court of Appeals issued the order after finding probable cause that the covered property was related to alleged plunder under Republic Act No. 7080. The AMLCs public statement did not identify the lawmaker, corporation or other people covered by the order. The council has said confidentiality rules prevent it from disclosing information that could reveal the identities of parties in freeze-order proceedings. AMLC freeze order covers 25 crypto wallets and 91 other assets The Sept. 21 order covers 86 bank accounts, four investment accounts, one insurance policy and 25 virtual asset wallets. Together, the categories account for 116 financial accounts and other assets placed under restraint while authorities continue their investigation. A freeze order blocks covered property from being withdrawn, transferred or disposed of during the court-approved period. Philippine Supreme Court decisions describe the measure as interim relief intended to preserve property suspected of being connected to unlawful activity while investigators
