Press Release
April 30, 2016

AMLC COMPLAINT VS PHILREM NUETRALIZES KEY PLAYER
IN PH MONEY LAUNDERING - GUINGONA

"WE ARE headed in your direction."

This was the warning of Blue Ribbon Chairman and Senator Teofisto "TG" Guingona III to people involved in the $81-M money laundering scam who still lie and refuse to cooperate with the ongoing investigation, following the Anti-Money Laundering Council's (AMLC) filing of complaint against three executives of PhilRem.

The reelectionist senator said that with the public eye scrutinizing the testimonies being presented during the hearings, key players in the grand scheme cannot afford any more cover-up.

"With PhilRem charged by AMLC, we accomplish two things: 1) We neutralize a key player in Philippine money laundering, and 2) It takes us a step closer to recovering more funds stolen from a poverty-stricken country," Guingona stated.

In the complaint, AMLC cited malicious reporting, knowledge of illicit funds, possession of illicit funds, and conversion and use as some of PhilRem's violation of the Anti-Money Laundering Act.

The document further highlighted a glaring inconsistency on who instructed PhilRem to transfer the stolen funds. In the suspicious transaction report (STR) submitted by PhilRem's anti-money laundering compliance officer Anthony Pelejo on February 17, he claimed that it was "a certain William Go." However, PhilRem president Salud Bautista stated during the Blue Ribbon hearings that it was RCBC branch manager Maia Deguito.

"The complaint against PhilRem is a welcome development to the public, who have been following the investigation as if it were a crime thriller series. But more importantly, with the public knowing that these things do happen and that these things can be thwarted if we continue to push for pieces of legislation that will safeguard our financial system from future exploitation, then the Filipinos, especially our OFWs and their families, can have due protection of their hard-earned income," Guingona stated.

"We simply cannot ignore the blow that this money laundering scheme may cause to our laborers overseas. The brunt of de-risking measures that are already being implemented by foreign correspondent banks was only magnified by this flaw in our financial system. Closure of legitimate remittance options, high remittance costs, and recourse to informal money transfer are not the best show of gratitude for our OFWs, and these are the scenarios that we aim to avoid," Guingona added.

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