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AMLC should have been alerted on alleged Chinese money laundering in PH sooner — Lacson

By: - Reporter / @CMarquezINQ
/ 03:06 PM February 29, 2020

MANILA, Philippines — The Anti-Money Laundering Council (AMLC) should have been alerted on the alleged money-laundering scheme being done by Chinese nationals in the Philippines, even before the scheme made headlines,  Senator Panfilo Lacson said on Saturday.

“Dapat noong pagdeklara pa lang na pag may pumasok na milyong dolyar doon pa lang, na-inform na ang AMLC. Hindi ngayon lang tayo magre-react dahil sumabog na sa balita, saka lang informed ang AMLC,” Lacson said over DWIZ.

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(The AMLC should have checked it when it was declared that millions of dollars have entered the country, and not just because it is already in the news.)

“Mali ata yan, hindi yan nakasaad sa batas. Ang nakasaad sa batas, basta lumalmpas ka ng threshold amount, P500,000 or equivalent $10,000, dapat yan naimpormahan na ang AMLC,” Lacson added.

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(I think that is wrong. That is not stated under the law. Under the law, if you exceed the threshold amount of P500,000 or equivalent $10,000, the AMLC should have been informed.)

The senator was reacting to the action of Finance Secretary Carlos Dominguez III, head of Duterte’s economic team, to order the AMLC to investigate Chinese visitors who brought more than $160 million worth of cash in December 2019 and February this year in the Philippines.

It was Senator Richard Gordon who divulged the illegal money scheme. Dominguez said he was “familiar” on Gordon’s exposé.

Edited by MUF
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TAGS: Anti-Money Laundering Council, Nation, Senator Panfilo Lacson
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