Gov't freezes P183m in fraud-linked assets

Friday, May 01, 2026 | 260 Views |

In pursuit: The Finance Ministry led a multi-agency dirty money assessment, whose report was recently published

The country’s financial watchdogs have frozen close to P184 million in assets believed to be proceeds of financial crime, as prosecuting authorities chase after ill-gotten funds.

As at January this year, the figure was standing at P179 million, showing that there was an uptick in detectable assets that are believed to be the proceeds of fraud, money laundering, or corruption.

Delivering the findings of the recent country risk assessment report on money laundering and financial terrorism, a task team comprising of the country’s financial watchdogs, investigators, and prosecuting authorities, this week revealed that the wheels of justice were starting to turn on ill-gotten assets that are proceeds of crime.

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