1st June 2017
If you’ve got millions of dollars to launder, casinos in the Philippines are no longer the preferred place for walking away with clean cash. The Philippine congress on Tuesday approved an amendment to the country’s anti-money laundering law that will bring large casino transactions under more scrutiny. Read More
26th May 2017
Senator Chiz Escudero has urged the Senate to approve amendments to the Anti-Money Laundering Act (AMLA) that places casinos within the purview of the law so the Philippines would not be blacklisted by an international monitoring group. Escudero, who is chairman of the Senate Committee on Banks, Financial Institutions and… Read More
24th May 2017
One in five banks in the Asia Pacific expects tax evasion in 2017 to increase 100 to 500 per cent over last year’s levels according to a recent poll by data analytics firm Fico. A further one in five senior fraud managers surveyed said they expect the increase to be… Read More
15th May 2017
The Supreme Court (SC) has cleared former Agriculture undersecretary Jocelyn “Jocjoc” Bolante and other respondents of money laundering charges in connection with the P728 million fertilizer fund scam. Before this, the Court of Appeals (CA) denied the government’s application to extend the freeze order issued in 2009 on Bolante’s bank… Read More
10th May 2017
The Bureau of Internal Revenue (BIR) filed yesterday another multibillion-peso tax evasion complaint against tobacco firm Mighty Corp. and its executives before the Department of Justice (DOJ). As Mighty Corp. executives led by owner Alexander Wongchuking face preliminary investigation in the earlier P9.56-billion tax evasion charges, they were slapped anew… Read More
24th April 2017
The Department of Justice (DOJ) has found basis to file money laundering charges against a former branch manager of the Rizal Commercial Banking Corp. (RCBC) and officials of remittance firm Philrem Service Corporation (Philrem) in connection with the $81 million in funds stolen by hackers from the Bangladesh Bank. Current… Read More
20th March 2017
President Duterte’s latest threat to declare martial law in Mindanao has sparked further concerns in the European Union, this amid strong signals that his war on drugs and other anticrime measures that his administration is doggedly pushing for, like the death penalty, could have an adverse effect on EU-Philippine trade relations. Read More
9th March 2017
Almost a year has passed since the news of the $81 million Bangladeshi bank heist broke out, and yet the Philippines has yet to make progress in its efforts to curb money laundering, the U.S. government said in a report. Read More
6th March 2017
The Philippines remained among the ranks of "major money laundering countries in 2016" after its involvement in the $81-million money laundering scheme, according to the latest report of the US State Department. Read More
1st March 2017
Peter Laviña has resigned from his post as the administrator of the National Irrigation Authority (NIA), the agency's official said Wednesday. Read More