President Duterte on Monday said a “guy,” whom he did not identify, was able to launder P5.1 billion in drug money for “one family” under the radar of the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (AMLC).
Speaking at the anniversary of the National Bureau of Investigation, the President chided officials of the BSP and AMLC for being uncooperative with the Department of Justice in its investigation of the financial transactions of suspected drug personalities.
He said Justice Secretary Vitaliano Aguirre II had told him that BSP and AMLC executives were “hard to deal with.”
“I’d like to address myself to the (BSP) and the AMLC. I’d like to warn you to avoid a confrontation between us,” Mr. Duterte said in a firm voice.
“Don’t give me a reason to have a confrontation (with you). Make public what’s wrong there. There are millions (of pesos) stashed there in the bank which are being washed and kept there in the meantime,” he said.
Bank secrecy law
Mr. Duterte directed officials of the two state agencies to report to Aguirre “or I will go to you,” warning them that they would “have to answer so many questions to me.”
“You choose, either you cooperate (with) this government as a republic to protect and serve our people, or don’t make it hard for us. Otherwise, I will make it hard for you,” he warned.
The bank secrecy law, however, prohibits the disclosure of, or inquiry into, all deposits in banks and banking institutions in the country.
Section 2 of the bank secrecy law, or Republic Act No. 1405 provides that all deposits with banks or banking institutions are of an “absolutely confidential nature and may not be examined, inquired or looked into by any person, government official, bureau or office.”
Family’s illegal drug deals
The only exceptions are either written consent of the depositor, in cases of impeachment, upon order of a competent court in cases of bribery or dereliction of duty or public officials, or in cases where the money deposited or invested is the subject matter of litigation.
Without naming the man or the family, the President said an individual had put up a company to launder the proceeds of the illegal drug transactions of a family.
“Just recently, we’re digging into the records of the case and he has (formed) not really a fake corporation, but a set-up just to launder (drug) money,” he said. “To date, we have the accounting of P5.1 billion (of) one family.”