Money laundering needs attention.
Pic courtesy AMLC Website
The allegations
Dirty Money is also fast coming to the forefront in the war against drugs and rampant corruption that President Duterte had promised to the Filipino people during his Presidential campaign.
This translates into a widening of the action on the poll promises and general cleansing of the corrupt way that many members of the Filipino public have become accustomed to.
In the pursuit of forcing the corrupt to fall in line and observe the rules of an orderly civic life, the dragnet is being spread to nab economic offenders who are crippling this nation with their nefarious activities.
In the recent past a major bank and two politicians have come up for accusations and questioning by the authorities. Billions of Pesos are that are known to have been earned from dubious criminal activity and laundered through various channels.
1. The high profile case involving Senator Leila de Lima is a case in point and amply demonstrates the lows to which even the achievers and the haves of Filipino society have sunk. It is an ample demonstrator of the general psyche of the successful who want more.
Sen. Leila de Lima is facing a case in the house with many witnesses coming up for and against her in a battle that she is apparently losing till now.
De Lima had adopted a different strategy to evade the prying eyes of the onlookers and the authorities. It is alleged that she was utilizing the bank accounts of her staff to receive the ill gotten money.
It is alleged that the dummy bank accounts that were utilized to receive the dirty money belonged to:
• Her driver and close confidante Ronnie Dayan, who was not only receiving the drug money, but was instrumental in having a finger in every pie that de Lima was concerned with. During the house investigation that is now going on at an advanced stage, it has been revealed that the driver Ronnie Dayan was also influential enough to secure employment in the Department of Justice for his relatives, friends and other chosen people,
• Her former staff members,
• Her driver’s relatives.
2. Even the current President himself, who is spearheading the government and the fight against corruption, crime and drugs, was accused of maintaining a secret stash of illegal money in secret bank accounts.
He was also accused of conducting transactions worth $ 2.5 billion from such accounts.
The allegations against Rodrigo Duterte prior to his assuming the post of the President of the Philippines were that he was utilizing the bank accounts that had been created in the names of his various family members including his children.
3. As far as corporate entities go, the Rizal Commercial Banking Corp. (RCBC) was last year accused of indulging in money laundering on a very large scale. The RCBC was accused of being instrumental in facilitating the transfer the stolen funds.
Some hackers had stolen P 3.9 billion ($81 million) from the US Federal Reserve Bank at New York from the account of Bangladesh. The RCBC helped in the transferring operation.
The action
RCBC
The accusations against RCBC were mainly that they permitted fake bank accounts to be created in fictitious names and the dirty money was allowed to be laundered through these accounts.
The allegations against the RCBC were established without any iota of doubt P 1 billion was paid by the bank owning up to its fault. Meanwhile the investigations were being conducted by the Federal Bureau of Investigation from the US.
The task of collecting incriminating data and required evidence to prove the guilt of the officers who were instrumental in facilitating money laundering, are at an advanced stage.
Some of the culprits will be tried in the US courts on the basis of witnesses who are now being questioned.
President Duterte
Sen. Antonio Trillanes did charge the present President Rodrigo Duterte for financial irregularities before the elections to the post of President that he was contesting.
But due to his emerging the victor and assuming office, the automatic armor of immunity prevented any further criminal proceedings against him. Now, it seems that, when his term as President expires in six years’ time, he may be prosecuted by the Ombudsman.
There is a provision under the law for the Ombudsman to present any evidence against the President to the House of Representatives. On receipt of any such evidence, the House of Representatives can choose to initiate impeachment proceedings against him
Senator Leila de Lima
In the ongoing case of Sen. de Lima case, it was recently declared by Vitaliano Aguirre, the Justice Secretary that there was a proposal to file criminal proceedings against her in an appropriate court of law to ensure that justice prevails. All the evidence that has been collected to prove the allegations against her will be used when she is prosecuted.
End of Part 1
Umrao singh umraoz.wordpress.com
Thursday, 06 October 2016
Written for: Lars-Magnus Carlsson www.thephilippinepride.com?utm_source=rss&utm_medium=rss
The post Focus on money laundering:: One bank and two politicians in the net appeared first on The Philippine Pride.