Laundering law seen to include casinos soon
The Senate blue ribbon committee will recommend that casinos be covered by the Anti-Money Laundering law following its hearings on the $81-million stolen from the Bangladesh central bank and laundered apparently through Philippine casinos.
This according to Sen. Teofisto Guingona III, committee chair, who also said he was satisfied with the hearings because they led to the recovery of a portion of the $81 million, even though the mastermind of the scheme in the Philippines was not unmasked.
The stolen funds had come from the Bangladesh account in the New York Federal Reserve and found its way to a Rizal Commercial Banking Corp. (RCBC) branch from which most of it was delivered to casino junket operators.
“[We will recommend] the inclusion of casinos in the anti-money system so this tragic happening will not occur again,” Guingona said.
He said the operation’s mastermind could not be determined because not all the players surfaced at the Senate probe.
Among those who failed to show up to answer questions was Weikang Xu, the person remittance firm Philrem Service Corp. officials had identified as the recipient of P600 million and $18 million, money that was part of the $81 million.
But casino junket operator Kim Wong said it was he who had received the funds from Philrem.
Wong identified two high rollers—Gao Shuhua and Ding Zhize—as those behind the entry of the $81 million in the country.
Guingona said the Senate was also unable to find Shuhua and Zhize to get their testimonies.
He said the determination of culpability in any money laundering rested with the Department of Justice, the Anti-Money Laundering Council (AMLC) and the National Bureau of Investigation.
“Conclusion of the matter lies with the executive branch,” he said.
The blue ribbon committee wrapped up the hearings on Thursday with some players present. Notably absent were the Bautista couple of Philrem who took back their commitment to release their phone records that should clear up conflicting stories on where the missing funds went.
Former RCBC Jupiter branch manager Maia Deguito did not submit a waiver for her phone records as well. Only Wong kept his word to submit the waiver, Guingona said.
The parties’ actions speak to how believable their stories are, he said.
“It adds to the level of credibility,” Guingona said.
