Dirty cash crackdown seizes P132m in cash, assets

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The Office of the Receiver has frozen P132.6 million in cash, luxurious vehicles and properties across the country, as part of a crackdown on money laundering and similar suspected activities, Mmegi has learnt.

Of this figure, P112.9 million in cash is in an interest-bearing account at BancABC pending court battles, while the balance of the value is in assets that have been taken over. Documents seen by Mmegi this week show that in the 24 months since the Office’s establishment, the pile of suspected dirty money has been growing rapidly.

The documents show that during that period, an amount of P11.1 million in cash was forfeited to the State, while the balance remains in the BancABC account. The forfeited cash is separate from the P112.9 million.

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