Rizal Commercial Banking Corporation (in Makati City) Jupiter branch manager Maia Santos Deguito faces criminal complaint filed by PH government agency Anti-Money Laundering Council before the Department of Justice.
During the Senate hearing on the alleged money laundering case involving a Philippine universal bank Tuesday, OFW advocate Susan Ople disclosed that banks in more than 10 countries and territories have ended correspondent banking operations with Philippine-based banks and remittance companies.
These foreign banks, include among others, are those in New Zealand, Hong Kong, Australia, Canada, Singapore, Brunei, Ireland, Spain and Germany.
The harsh and calculated reaction is more linked to fear of violating their own anti-money laundering law given that the Philippines remains on the gray list of the Financial Action Task Force.
The Philippines was removed from the blacklist in 2005 but remains in the gray list.
In June 2012, Republic Act (RA) 10167 or the strengthening of the Anti-Money Laundering Law and RA No. 10168, which criminalizes terrorism financing as a stand-alone offense, were enacted to strengthen anti-money laundering rules. But casinos are not covered by the anti-money laundering law.
Ople said some foreign banks cut correspondent banking operations with Philippine-based financial institutions to the detriment of OFWs, who pay higher fees in sending remittances.
He cited that “recent developments here may heighten the risk of further termination of correspondent banking accounts if we are seen as having a weak anti-money laundering counter-terrorism financing regime.”
He was referring to the case involving the Jupiter, Makati branch of Yuchengco-led Rizal Commercial Banking Corporation (RCBC), where five accounts were said to have received laundered money amounting to about US$ 81 million that was stolen from the Bangladesh Bank (BB), the central bank of the People’s Republic of Bangladesh.
The money was reported to have been hacked from the US dollar account of BB with the Federal Reserve Bank of New York in February 2016 and remitted to four accounts that are with the RCBC Jupiter branch.
Anti-Money Laundering Council (AMLC) Executive Director Julia Abad, during the Senate hearing, said the US $81.31 million funds were sent to the accounts of one Michael Francisco Cruz, US $6.029 million; Jessie Christopher Lagrosas, US $30.28 million; Alfred Vergara, US $19.999 million; and one Enrico Vasquez, US $25.001 million.
The accounts were opened on May 15, 2015 and remained in-active until last month when funds were withdrawn and consolidated to the account of William So Go, which was opened only on February 1 this year.
Abad said the funds were again transferred and converted to Philippine peso through the remittance firm Philrem, which also has an account with RCBC Greenhills.
The converted foreign exchange were then transferred to the account of Solaire Resort and Casino, US $29 million; and Midas Hotel and Casino, US $21.245 million; and to Kim Khang Zhou, US $30.691 million.
Let's create community! Tell us your thoughts on this article. If logged in with any of your Wordpress.com, Twitter, Facebook, Google+, or registered on this site before, then you can simply write your comment below. Thanks and appreciate your feedback. Cancel reply
Her story resembles that of a script lifted direct from a tele-novela. This video is another installment in our continuing coverage of ordinary people sharing their experience during their married life. The resource speaker on this video supports the passage of the divorce bill in the Philippine congress. The speaker […]
Did regret came too late? A girl who transitioned to becoming a boy during teenage year speaks of great regret for having done so. Charlie Evans “became” male for close to ten years before making a turn-around from a decision made. Evans detransitioned in 2018. But will it recoup the […]
This is only a passing question for residents living around the City of Naga and also of towns nearby, and maybe of Camarines Sur province, too. Have you visited the Jesse Robredo museum yet? If not, then come on, let’s join Vice-President Leni Robredo show us around. The VPOP is […]
Canadians react with disdain on government officials, which include PM Justin Trudeau and Environment Minister Catherine McKenna, due to garbage dumping in the Philippines. Watch how independent conservative YouTube channel shares reaction and more below: [At 1:40, notice the government official sitting right of President Duterte make face, reacting to […]
Sharing here the attendance of Vice President Leni Robredo during the 121st Independence Day rites this morning at Rizal Park in Manila. And below is the commemorative message of the vice president for the occasion: Sa araw na ito, bilang nagkakaisang lahi, ipinagdiriwang natin ang ika-isangdaan at dalawampu’t isang taon […]
A short clip derived from a PBS (US tv channel) documentary highlights a woman acquiring a “sense of peace” after aborting her two (twin) babies. The woman was shown getting clear instruction from the doctor on the dosage and timing of taking “medical” abortion pills. The doctor was so blatant […]
The most important and relevant documentary movie drops today. Will it be truth bites the plight of mass migration hurting Europe? We are referring to the much awaited “Borderless” movie by independent Canadian activist-journalist Lauren Southern and her team. After months enduring the rigors (and danger) of (clandestine) location filming, […]
Some world leaders, and even the mainstream media, didn’t get it. But at least, Pope Francis on Easter Sunday speaking after the special Easter ‘Urbi et Orbi’ message and blessing, expressed his “heartfelt closeness to the Christian community [of Sri Lanka] wounded as it was gathered in prayer, and to […]
This is a throwback post on the feature documentary about the Philippine Eagle. The much awarded and acclaimed film work about the rare and critically endangered Philippine Eagle was officially released less than a year ago. The feature documentary already shown outside the Philippines and gathered rave reviews and praises […]
Daring independent journalist Lauren Southern is on the hot trail of the illegal immigration happening now in most of Europe. On this her latest reportage the daring Canadian exposes the alleged human smugglers and traffickers operating in Greece as NGO’s like the Emergency Response Center International. ERCI is a self-described […]
This should be the first walking tour for inmotion channel, I mean, a walking exploration. So here I was at the churchyard of the main Catholic church in my hometown which is the Parish church of Our Lady of La Porteria. Welcome to inMotion. And many thanks and appreciate for […]
Yes, totally true. The epic fails in Ilocos Norte. One of which was the “cable cart” ride which amused the passengers at first. Then afterwards lost the interest for the operator obviously had difficulty maneuvering the cart up its destination and back. But hey, it was a good try. The […]
Culled from the online news portal itself, Rappler reports agents from the National Bureau of Investigation (NBI) arrested Rappler CEO and executive editor Maria Ressa early Wednesday evening, February 13. The arrest was done in connection with a cyber libel case filed by the justice department. NBI officers in civilian […]
This Philippine province of almost two million people, or 1.9 (1,952,544) million warm bodies according to the official census count of 2015 is the biggest in the Bicol region in terms of population and land area. While it is rich in natural resources and beautiful scenic places, majority of its […]
I am back, yet again, after a long hibernation of sorts. I fixed some personal issues, settled what should have been done before and still in the process of accepting and facing some other health circumstances that is part of life. And then I completely pushed aside into the backburner […]
After posting the article covering the much vaunted Pantao regional port located in Libon town of Albay province we dig a foot deeper and decided to go ahead with an update and rejoinder about the project. Envisioned to boost a “robust economic corridor in southern Luzon, specifically for Daet, Naga […]
Time magazine’s 2018 acknowledged person(s) of the year (POY) received mixed reaction from netizens. Before the end of year, the US-based news magazine picks a POY of their choice who has done the most to influence the events of the year. This 2018, it came out with not one, but […]
As many expected, former Philippine senator Bong Revilla on Friday was acquitted by the Sandiganbayan of the plunder case in relation to the misuse of P224 million pork barrel funds. Pork barrel funds were coated as Priority Development Assistance Fund (PDAF) of previous administrations. His co-accused, bussinesswoman Janet Lim Napoles […]
We get it. Bicolanos and travelers to and from the region will have to get used to flying and landing on four dated airports, one each in Legazpi, Pili (for Naga), Virac and Masbate. The one and only, but much vaunted, Bicol International Airport, or the Southern Luzon International Airport, […]
The domestic airport in Pili serving metropolitan Naga and the provinces of Camarines Sur and Camarines Norte will soon be capable of catering to evening flight take-off and landing operations. The Naga airport, which is operated by the Air transportation Office (ATO) of the Department of Transportation and Communications, has […]
To get a good grasp of the illegal immigrant crisis in the United States (America), and in Europe (European Union), we are sharing below two video coverage, one for each. These are different takes on the massive migrant caravan that began marching from Central America, mostly coming from Honduras, with […]
The town of Daraga in Albay province, has total assets of P1.029 billion making it to the top of the list among the richest municipal local government units (LGU) for 2017, besting 106 others in Bicol region, according to the Commission on Audit (COA). Daraga, aside from topping the list, […]
Ownership of the University of Nueva Caceres change hands. Kind of. For decades, the Hernandez family of Naga city and Libmanan town used to own and manage the first and largest university in Bicol. But not anymore as the education arm of the Ayala Corporation, the AC Education, Inc., (AEI) […]
Naga City, Bicol’s financial, business, educational and religious capital now has a total net worth of over P4.675 billion, making it the richest local government unit (LGU) in the region, according to the Commission on Audit (COA). The City of Ligao, in Albay province, followed far second, with a total […]
Why Fuentebella’s Partido Development Administration got the axe. The administration is cleaning up the mess of the past. Or, so it seems. Recently, Malacañang abolished a Bicol-based Government Owned or Controlled Corporation (GOCC) created during the administration of former president Fidel V. Ramos. The Partido Development Administration (PDA) was snapped […]
While I am not required to explain why I am using English as the medium or language of this channel, I am too happy to explain why. Also, I think it is time to share our reason. Hello friends, Thank you for dropping by and watching this post. At the […]
Today, I temporarily place under my drawer the primary concern of growing more subs. Because today we go Chinese. I mean, I will talk in passing about the Chinese Zodiac as very soon the Chinese New Year will come with a bang on Feb 16, 2018 and end on Feb […]
The Malacanang palace on Saturday made known an official denial it has got no hand in the subpoenas issued by the National Bureau of Investigation to online xocial news network publisher Rappler chief executive officer (CEO) Maria Ressa and two others over cybercrime raps, Presidential Spokesperson Harry Roque said on […]
President Rodrigo Duterte has designated Undersecretary Rosalina Bistoyong as Officer-In-Charge of the Department of Agrarian Reform. She will occupy the vacated post of Rafael Mariano whose nomination was rejected by the powerful joint congressional Commission on Appointments last September 6. Bistoyong is a career executive service professional in the government […]
The residence of Mayor Jed Patrick Mabilog of Iloilo city on Thursday afternoon was the subject of initial inspection from a team of the National Bureau of Investigation.. Witness to the arrival of the inspection team include Ariel Castañeda, the head of the Local Economic Enterprise Office (LEEO) of the […]
My English classes in Grade Six will be the first set of pupils under the K-12 curriculum moving up to Grade 7 come March this school year. At this point, even while it is too early, I try to foresee the probable challenges and impact on their learning curve due […]
President Rodrigo Duterte’s blogger-supporter and now amply rewarded as Assistant Secretary in the office of Presidential Communication Operations Office has courted, again, the ire of netizens, specifically Twitter users. This time, tweets criss cross the internet calling for the ouster or removal of the former sexy dancer from her Malacanang […]
Thanks to the long known advocacy of the Greeenpeace group, the 4th Annual sky lantern flying activity in Legazpi city was eventually canceled by its organizers. The organizers of the 4th Annual sky lantern flying activity have decided today to cancel the event after it was met with strong opposition […]
Bangko Sentral ng Pilipinas wants you to know that it would be very difficult to produce a counterfeit of the new generation Philippine bank notes now in circulation. With the very stringent process, the bank note paper used made up of cotton with Philippine abaca, and all other security features […]
In its disclosure with the Philippine Stock Exchange (PSE) Monday, the Banco de Oro Unibank Inc. (BDO) registered a P13.3-billion net income in the first half of 2017, much higher than the PHP11.7 billion in the same period in 2016. The leading unibank of the country traced the improvement of […]
SORSOGON CITY — All thirty-two international beauties from countries over the world descended on this city Tuesday to compete in the “Resort Wear” segment of the Ms. Earth International competition on Wednesday at the provincial gymnasium. The candidates arrived late Tuesday morning from Metro Manila and proceeded to the Siama […]
The unforgiven? Watch here direct from the Supreme Court of the Philippines (SCOTP) the second live stream coverage on the presentation of oral arguments on the burial case of former President Ferdinand E. Marcos at Libingan ng mga Bayani. Scheduled for Aug 31, 2016, G.R. No. 225973 the parties with […]
This is how concerned individuals would file their Philippine Social Security System retirement paperworks for flawless and prompt processing of benefits. With 11% of our readers and browsers in the age bracket of age 55 and up, we are sharing the informative video produced by the system for general information. […]
The Vatican is set to canonize on October 18th 2015 blesseds Louis Martin and Zelie Martin, the parents of Marie-Françoise-Thérèse Martin, who in the Catholic and Christian world is well known as Saint Thérèse (of Lisieux) of the Child Jesus and the Holy Face, Doctor of the Church. Pope Francis […]
MANILA, Oct. 10 — The odds are closing in against Senator De Lima. And some more. So it seems, as the Department of Justice on Monday issued an immigration lookout bulletin order (ILBO) against Senator Leila De Lima and five others who are allegedly involved in the proliferation of illegal […]
”My God, you will be shocked,” Presidential legal counsel Salvador Panelo said, giving mediamen a possible reaction to the new expose about local executives who will soon be identified by Malacanang. This as President Rodrigo Duterte will soon reveal the names of at least 27 local executives allegedly involved in […]
According to the Department of Education and Culture-Bicol about 1.6 million students will troop back to the region’s public elementary and high schools in today’s opening of regular classes. Chief administrative officer Jose B. Bonto of DepEd regional office, said this total number of students expected to return to schools […]
Canadians react with disdain on government officials, which include PM Justin Trudeau and Environment Minister Catherine McKenna, due to garbage dumping in the Philippines. Watch how independent conservative YouTube channel shares reaction and more below: [At 1:40, notice the government official sitting right of President Duterte make face, reacting to […]
The number of drug fatalities, persons killed in the continuing campaign of the government against illegal drugs already passed 2,500 within a period of two months. It is the same period of President Rodrigo Duterte’s tenure at the helm of the government. The Philippine National Police update on Tuesday include […]
As the last of ’ember months’ end this year, the Department of Labor emphasize it is a must for employers to pay workers’ 13th month pay no later than December 24th. Labor Secretary Silvestre H. Bello III emphasized this on Monday because companies either do not comply with the law […]
During the initial days of the new administration, many were shocked (sic) on how voluminous the past government imported rice from other Asian countries. The issue was heightened when some National Food Authority warehouses were found with rotting stockpiles of the commodity.
The 1st quarter nationwide simultaneous earthquake drill last March 27 wherein Marikina city also participated was hailed as a success. Playing lead roles were partner agencies’ National Disaster Risk Reduction Management Council (NDRRMC) and the Philippine Institute of Volcanology and Seismology (PHIVOLCS), also tasked to strengthen people’s preparedness for emergencies […]
Watch another edition of the hearing by the Blue Ribbon Committee of the Senate of the Philippines on the $81-million money laundering scam that was processed through the financial banking system of the country. Keep watch as there could be some surprise coming out in the open. Author Recent Posts […]
It’s final. Malacañan okays burial of former President Marcos in Libingan Despite many who are against the move, including civil organizations, victims, relatives of victims and survivors, the move to finally intern the body of former President Ferdinand Marcos to the Libingan ng mga Bayani at Fort Bonifacio is almost […]
Three huge National Irrigation Administration projects worth P336,845,505.73 is underway for Ilocos Norte, Bukidnon and Davao Del Sur. The amount is earmarked to rehabilitate, improve irrigation systems and fund the construction of irrigators’ association support facilities. The finalized project contracts under the National Irrigation Sector Rehabilitation and Improvement Project (NISRIP) […]
The number of drug fatalities, persons killed in the continuing campaign of the government against illegal drugs already passed 2,500 within a period of two months. It is the same period of President Rodrigo Duterte’s tenure at the helm of the government. The Philippine National Police update on Tuesday include […]
President Benigno S. Aquino III signed EO No. 203 on March 22 directing the Governance Commission for Government Owned and Controlled Corporation (GOCC) to conduct compensation studies, develop and recommend to the President of the Philippines (POTP) a competitive compensation and remuneration system. which shall attract and retain talent at […]
The Department of Health (DOH) assured on Monday that it is doing close monitoring and testing of travelers from endemic countries who are symptomatic or indicating signs of Zika virus infection. The assurance was made as part of DOH’s enhancing of its alertness level as an increase in the number […]
Regrettably, the conversation between President-elect Rodrigo Duterte and the news media has turned sharp and shrill. All but lost in the noise is the two parties’ common duty in law and tradition to serve and to inform the Filipino people on issues, events and policies that affect their interest and […]
December 2013 Dentist Licensure Examination results The Professional Regulation Commission (PRC) announces that 271 out of 580 passed the November 2013 Dentist Licensure Examination (Written Phase) and 265 out of 281 passed the Dentist Licensure Examination (Practical Phase) given by the Board of Dentistry in Manila this December 2013. The […]
CEBU CITY — The Cebu Provincial Detention and Rehabilitation Center again grasped the news limelight, but on a different angle. The detention center in the premier city of the south used to be famous with the dancing inmates in years past. But a new series of controversies engulfed CPDRC which […]
Posting and sharing photos on one’s Facebook page is so OK. But be careful in adding a description or comment, more specially when it can offend other people. Take this case when an immigrant worker Michael McFeat from Abernethy, Perthshire, Scotland (Great Britain) posted on December 31st a New Year […]
In our continuing presentation of the annual income of Bicol LGUs we take a look at how they compare in rank with others. The province of Rizal topped the list. Quite remarkable considering that many of its premier and urban towns were chopped from its jurisdiction when the National Capital region was created.
According to the 2015 rankings by the Global Peace Index among 162 countries worldwide, the Philippines is on the 141st. Hugging the bottom line is North Korea. A dismal result, and perhaps, the true prevailing state in the country under the stewardship of President Benigno S. Aquino, III, despite its […]
