AMLC

Bam asks AMLC to investigate flow of drug money in PH

As part of the government’s intensified campaign against illegal drugs, Sen. Bam Aquino called on the Anti-Money Laundering Council (AMLC) to assign financial investigators to investigate the flow of drug money within the country.

​​“The thrust of the government now is on the drug menace. Let’s have financial investigators examine how drug money flows in the country,” Sen. Bam told officials of the AMLC during the hearing of the Committee on Banks regarding the proposed amendments to the Anti-Money Laundering Act.

​​Apart from physical enforcement, Sen. Bam said countries like the United States also conducts financial investigations on drug personalities.

​​These investigations provide tangible evidence against high profile criminals and drug lords, aiding in their conviction.

​​Sen. Bam urged AMLC officials to request for additional budget for the hiring of financial investigators for the drug war.

​​“As we enter the budget season, this is the time for AMLC to increase the number of investigators to help address the problem,” said Sen. Bam.

​​According to the AMLC, they are planning to hire additional 20 financial investigators to beef up its current pool of probers who are looking into more than 30,000 suspicious and questionable transactions.

​​Of this, the AMLC said around 30 cases have been filed in courts against those behind these illegal transactions.

The money trail back to Bangladesh

We are finally making headway in locating portions of the $81 million stolen from Bangladesh and siphoned into the Philippines.

So far we have confirmed that Solaire Resort & Casino received P1.365 billion ($30 million) and Eastern Hawaii Leisure Company, owned by casino junket operator Kim Wong, received P1 billion ($23 million) of the stolen money.

Based on money transfer firm PhilRem’s testimony before the committee, it was alleged that around $30.64 million, broken down to $18 million and P600 million, was delivered to Weikang Xu over 6 tranches.

It was only during the Senate hearing last March 29 that we were able to dissect further the location of a portion of the stolen money with the testimony of Kim Wong.

Wong contested PhilRem’s testimony and claimed that they only released P400 million and $5 million over 4 tranches.

Wong also testified to receiving P1 billion from Philrem: P450 million ($9.7 million), which he accepted as payment for a debt of one Shuhua Gao, and P550 million entered to Midas Hotel and Casino. However, of the P550 million, P510 million was lost to Midas and only P40 million is left.

Since his statement, Wong has already turned over P38 million ($863,000) and $4.63 million to the Anti-Money Laundering Council (AMLC) for safekeeping. He has also stated his willingness to return the P450 million or $9.7 million paid to him to cover Gao’s debt, but requested for a month to deliver.

Today, a total of about $5.5 million has already been reclaimed from Wong. And once he is able to return the additional $9.7 million, we will have recovered $15.2 million of the $81 million stolen from Bangladesh.

On the other hand, PhilRem offered to return the P10.47 million (about $232,000) representing the fee they purportedly received for conducting the transactions. However, this was rejected by Bangladesh.

In the case of Bloomberry Resorts, operator of Solaire, they’ve stated that they were able to freeze $2.33 million or P107 million of the stolen money in their casino – another amount we can add to the pot for Bangladesh, should they agree to turn it over.

We will continue to probe the money trail through Solaire and will seek to verify if there is still recoverable dirty money in Midas.

Plus, there is the issue of the other junket operators that are still in the process of confirming receipt of over P1 billion from Solaire.

In the next few weeks, we should be able to pinpoint the rest of the illicit funds so we can return as much as we can to Bangladesh.

The AMLC already said that it is within their powers to reclaim money that is laundered ‘regardless of where the money went. However, they would need to go through a court process and the necessary legal proceedings, which will inevitably take time.

The question is whether these institutions will contest a possible civil forfeiture of laundered money still within their coffers.

If I were them, instead of fighting the court case, I would, in good faith, turn over to the AMLC all illicit funds that coursed through their internal systems.

“Yung maduming pera, dapat ibalik,” said Wong. We can hope everyone shares this sentiment.

This flagrant crime perpetrated in our shores with the involvement of Philippine individuals and institutions has tarnished our country’s reputation and now the world is watching our every move.

A crucial step in redeeming ourselves is to return as much of the stolen money to Bangladesh at the soonest possible time.

Are you following the investigation of the stolen $81 million from Bangladesh? Whose story do you believe? What questions would you ask the resource persons?

First Published on Manila Bulletin

Bam: Pambansang Kahihiyan ang Pagnanakaw sa Bangladesh

Transcript of Phone Patch Interview at News to Go

 

Q: Ano po ang inyong assessment o pananaw sa naging pagdinig sa senado kahapon?

Sen. Bam: Maraming mga real [inaudible] kasi nakadalo na rin si Kim Wong.

Noong unang mga hearing palagi mine-mention si Kim Wong at parang sa kanya naka focus ang spotlight noong wala siya, pero noong pumunta na siya kahapon, parang lumabas kaagad na mayroon talagang specific amount of money na hindi pa talaga na-a-account.

May P59 million na nasa casino and I’m happy to say that the casino wanted to return it. Kim Wong also said pwede niya rin ibalik and definitely priority dapat natin na maibalik ang pera.

Kahapon na napansin ko, iyong testimony ni Phill Leng is that $18 Million and P600 Million ang kanilang binigay kay Kim Wong at kay Wang King Tzu.

Sabi naman ni Kim Wong ang nakuha lang nila ay $5 Million at P400 Million. Kumbaga may balanse na $13 Million at P200 Million.

Napakalaking halaga niyan. Dalawang panig nag a-agree kung saan napunta ang pera na iyan. sa totoo lang it’s either Kim Wong o Philrem at iyon ay isang malaking bagay na na-reveal kahapon.

Iyong isa pa siguro is yung pera na nasa casino kaya naman nila i-trace. Kung tutuusin may kakayahan na kunin ulit ang pera na iyon through other legal preceding kasi galing ang pera na iyon sa nakaw at sinangayunan naman tayo ng AMLC na may kakayahan at kapangyarihan sila na kunin ulit ang pera na iyon.

Sa totoo lang 3rd hearing na natin ito at ngayon lang natin pinaguusapan kung paano pwede ibalik ang pera sa Bangladesh.

 

Q: Ano naman ang consequences kung hindi nga maibalik ang perang ito?

Sen. Bam: Nakaw kasi ang perang ito. I don’t think there are legal consequences in our country pero para sa akin isang pambansang kahihiyan ito na nasangkot ang mga kababayan natin sa ganitong klaseng nakawan.

We know na Bangladesh ay parang Pilipinas din yan na isang bansa na nagsisikap umangat rin. Ang perang yan ay halos P4 Billion din kasi. Bilyon bilyon din sa pera ng Bangladesh iyan at kailangan nila ang perang yan.

Sabi ko nga kung ginawa ito sa Pilipinas, ganun din ang magiging galit natin sa bansang iyon. I think it’s imperative, it’s a priority na kung ano ang pwede natin ibalik sa kanila ay ibalik na kaagad at pagplanuhan na kung paano pwede ibalik ang perang yan kung ang pera ng Bangladesh ay andito pa sa Pilipinas kasi definitely napakalaking na en-cash at andito pa yan sa ating bansa.

Ang casino operator, ang Eastern Hawaii na pag-aari ni Kim Wong, parang nandito pa rin ang perang iyan.

Iyong sa Solaire nalipat na nila sa isang foreign operator na pinatawag namin sa susunod na hearing. Malalaman natin kung nandito pa ang perang iyan.

It is important na i-prioritize natin na kahit malaking porsyento o sana lahat as soon as possible ay maibalik sa Bangladesh.

 

Q: Correct me if I’m wrong pero ang pagkakaintindi ko, ang mga pera na hindi pa nagagastos ay kaya pa isauli, pero ang pera na naisugal na ay mahirap na i-recover?

SBA: Ang mahirap i-recover that something I think na kailangan natin tingnan pa kasi siyempre ang mga casino sasabihin nila “natalo na yan, tapos nay yan”. Pero we cannot forget na if it’s proven, tainted fund yan.

That’s why I’m asking Executive Abad yesterday kung may kapangyarihan ba sila na kunin ito. Hindi din ganoon kaklaro ang sagot. Sabi naman niya meron but kung ano ang legal remedy ang pwedeng gamitin. But even if it’s in the casino, pwede pa itong makuha. Titignan natin sa susunod na hearing.

 

Q: Since the story broke, Senator, ang spotlight napunta nga sa casino na may nagsasabi na it’s kind of a black hole for being laundered or stolen from places around the world. So kasi exempted daw ang mga casino sa AMLC, hindi sila kailangan mag report sa mga awtoridad tungkol sa mga perang malalaking halaga na pumapasok sa kanilang sistema.

 Sen. Bam: Sa totoo lang, isa sigurong kadudulutan nito is really amendment sa ating AMLA law. Iyong mga exempted, siguro iyong paghigpit sa mga loyal customer, ang pagiging clear rin sa kung ano ang pagtaas ng mga chain of command ng mga bangko saka kailangan maklaro rin iyon ng BSP.

Coming from this experience, mukhang marami din talagang kailangang reporma pang kailangang gawin pagdating ng 17th congress at una diyan ang paninigurado na hindi na gagamit ang ating legal institutions dito sa ating bansa para sa masasamang bagay.

 

Q: Ok. Nagkaroon din ng focus sa mga Remittance Center o mga kumpanya katulad ng Philrem. Hindi rin sakop ng anti-money laundering act o AMLA, isa rin ba iyan sa kino-consider ngayon na pumasok din iyan sa ilalim ng AMLA?

Sen. Bam: Isa rin iyan sa mga pinag-uusapan. Isa pa ang pagklaro sa bank secrecy law. I think natapos ang aming hearing kagabi sa isang debate kung pwede bang buksan ang suspicious account. Of course may magkakabilang panig iyan. Inaaral iyan ng mga Senate lawyers natin.

Pero para sa akin, kung klaro naman na hindi legal ang mga ginamit na identification sa pagbukas ng account and may problema na mismo ang account to begin with kasi sa mga IDs na ginamit ng 4 suspicious persons ay wala naman talagang ganun na government ID and they used the Driver’s License.

Kung mapatunayan naman kung fictitious ang ginamit na pagbukas ng account ay baka naman hindi na ito sakop ng Bank Secrecy Law.

Our Senate lawyers especially the Blue Ribbon Committee are studying kung puwede pa ito pagbuksan.

But then again sabi nga ng AMLC, naibigay na rin nila ang datos na ito sa Committee.

 

 

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