30th March 2020
Money-laundering regulator AUSTRAC and Westpac say they are still a way apart in their settlement negotiations despite the court expecting a trial into the bank’s alleged breaches to be heard by summer. The Federal Court on Monday heard AUSTRAC and Westpac are moving towards a settlement that includes some admissions… Read More
12th March 2020
President Duterte has agreed with the Department of Finance (DOF) that moves to strengthen legislative measures to fight money laundering and lifting bank secrecy must be given priority amid concerns that Philippine offshore gaming ope­rators (Pogos) were being used to launder dirty money, a DOF official said on Wednesday. Assistant… Read More
9th March 2020
An Anti-Money Laundering Council (AMLC) official has strongly denied allegations that the body has been remiss in taking action on the suspicious influx of over $600 million in cash brought in by Filipino and Chinese couriers in the last seven months. AMLC executive director Mel Georgie Racela issued the statement in response… Read More
3rd March 2020
Two suspected syndicates brought into the Philippines at least $370 million (P18.7 billion) in foreign dirty money that Sen. Richard Gordon had flagged as possibly being used for criminal activities in the Philippines, the Department of Finance said on Monday. Citing a Jan. 29 report of Customs Commissioner Rey Leonardo… Read More
2nd March 2020
The financial crimes watchdog, one of the lead agencies in the Department of Home Affairs’ push to combat online child sex exploitation, has potentially bungled a case after sitting on evidence of potential crimes for more than a year. But the watchdog, Austrac, was not only too slow to call… Read More
2nd March 2020
President Rodrigo Duterte’s chief economic manager on Friday said he has asked the Anti-Money Laundering Council (AMLC) to look into Chinese citizens who had brought huge amounts of money into the country. Finance Secretary Carlos Dominguez III said he was “familiar with the issue” raised by Sen. Richard Gordon, who… Read More
14th February 2020
The Philippines should also charge tax evaders with money laundering to tighten its watch against ill-gotten wealth, the International Monetary Fund (IMF) said. In its recent health check on the nation’s economy, the global authority said the Philippine government can further strengthen controls on money laundering by adding tax evasion… Read More
6th February 2020
Australia’s No.2 lender Westpac Banking Corp was hit with another U.S. class-action lawsuit in less than a week on Monday, over issues with its financial crime monitoring amid a recent money laundering scandal. Westpac was sued by Australia’s financial crime watchdog AUSTRAC in November for 23 million alleged breaches of… Read More
1st January 2020
With its marble walls, gilded lobby and sign with Chinese characters that can mean “paradise on earth,” the Skytop International Club never tried to be subtle. Opened last year on the fringes of the Makati business district, Manila’s Wall Street, the club became known as a place where men would… Read More
18th December 2019
The Bangko Sentral ng Pilipinas (BSP) said it will be probing about 10 banks to assess their ties with an Australian bank caught in a massive money laundering scandal. At the center of the inquiry is the Bank of the Philippine Islands (BPI), which is the remittance partner of Westpac,… Read More