The Quad Comm hearings at the House of Representatives have unwittingly resulted in a slew of revelations that have gripped the nation. However, one concerning discovery regarding banking practices could jeopardize the country’s efforts to leave the anti-money laundering grey list, potentially leading to a blacklist.
As of now, the Philippines is listed in the so-called financial grey list, together with 20 others that include Namibia, Mozambique, South Africa, Sudan, Syria and Yemen. Inclusion in the grey list means that the remittances from OFWs are subject to stringent conditions that lead to undue delays.
He said that P8 billion in one bank deposit was withdrawn the next day, leaving the Anti-Money Laundering Council bewildered. And to think that there were 18 action points that the country has to address for it to exit the financial grey list. We understand that three big banks are in the crosshairs of the Quad Comm for having allowed huge deposits that were not flagged and reported to the AMLC. Such violations, when investigated and proven true by the Bangko Sentral ng Pilipinas, will mean stiff monetary fines as they result in endangering the safety and stability of the banking system.
Under anti-money laundering rules, banks are duty-bound to check whether the deposits, especially billions, are supposed to have come from business operations or from legitimate enterprises. Under the AMLC rules, banks are not allowed to accept deposits of “dirty” money such as those from drugs or other illegitimate sources.
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