As in previous election seasons, banks and financial institutions are again being told to be vigilant against the use of the banking system for vote buying and selling as well as money laundering.
The Bangko Sentral ng Pilipinas issued the reminder to BSP-supervised financial institutions or BSFI with the approach of the barangay and Sangguniang Kabataan elections.
The effort is not an impossible undertaking. BSFI have been told to be on the lookout for complex and large transactions that are unusual for the client; unusual patterns of transactions with no underlying legal or trade obligation, purpose or economic justification; and transaction amounts that are not commensurate with the business or financial profile of the client. The BSFI must report suspicious transactions to the AMLC.
Vote buying and selling have long undermined the integrity of elections in this country. The pernicious activities can be curbed only with the full cooperation of various sectors, particularly those in the financial system.LIST: Catch up with your best bud this month with these super buy 1 get 1 dealsLast chance for sulit deals! Lazada 10.
In a series of hearings recently, senators took turns pummeling key officials and legal luminaries of the National Grid Corporation of the Philippines. The drug problem can’t be back, as those behind Oplan Tokhang and Double Barrel are lamenting; the problem never left in the first place.
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