Bank Secrecy Invoked at Philippine Hearing on Bangladesh Heist
Source: BFW (Bloomberg First Word)
Tickers
RCB PM (Rizal Commercial Banking Corp)
People
Lorenzo Tan (RCBC Savings Bank Inc)
Teofisto Guingona Jr (Republic of the Philippines)
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UUID: 7947283
(Bloomberg) -- Philippine law on bank secrecy was invoked by Rizal Bank President Lorenzo Tan when asked by lawmakers what time lender received stop payment request from Bangladesh in relation to stolen funds.
Alert: HALISTER1- Senator Teofisto Guingona, head of committee on anti-money laundering, says $58m would have been recovered had Rizal Bank promptly acted on Bangladesh’s stop payment request
- Guingona says bank secrecy doesn’t apply in this case as owner of funds is Bangladesh which wants to uncover truth
- Rizal Bank manager at Jupiter branch Maia Santos Deguito invoked right against self-incrimination, asked for closed- door session where she’s willing to tell-all
- NOTE: Philippines Lodges Complaint Against Banker on Missing Funds Link
- NOTE: $1 Billion Plot to Rob Fed Accounts Leads to Manila Casinos Link
- Rizal Bank’s Tan says he has no personal knowledge and participation in transactions, no personal dealings with Deguito
- Tan says audit was immediately ordered upon hearing of transactions; erring employees to be held accountable
- Rizal Bank complied with freeze order on accounts under investigation, to cooperate with authorities on probe: Tan
- Tan says he’s “precluded from discussing the transactions” and that Anti-Money Laundering Council in better position to comment
- NOTE: Philippine law on deposit secrecy among strictest globally and that finance dept had been saying this has weakens capacity of tax agency to collect more revenue Link
Source: BFW (Bloomberg First Word)
Tickers
RCB PM (Rizal Commercial Banking Corp)
People
Lorenzo Tan (RCBC Savings Bank Inc)
Teofisto Guingona Jr (Republic of the Philippines)
To de-activate this alert, click here
UUID: 7947283