Philippine Dirty-Money Watchdog: Been Cooperating on Drug Probe
Source: BFW (Bloomberg First Word)
To de-activate this alert, click here
UUID: 7947283
(Bloomberg) -- “Don’t believe the news. Certainly, our records will bear us out that we have been cooperating with law enforcement authorities,” Vencent Salido, deputy director at Anti-Money Laundering Council, says at forum in Manila.
Alert: HALISTER1- NOTE: President Rodrigo Duterte on Nov. 14 rebuked central bank and Anti-Money Laundering Council for “being hard to deal with” and warns them against confrontation if they don’t cooperate Link
- Coordination has led to proper investigation
- Alleged drug traders in national prison don’t have bank accounts under their names, instead use associates, friends and shell companies
- Banks should be allowed to hold on to an account for 2 days, while agency should be given power to freeze accounts for 30 days without having to seek court permission, Salido says when asked on possible amendment to Anti-Money Laundering Act following $81m in stolen Bangladesh fund which found its way to Philippine bank, casinos early 2016 Link
Source: BFW (Bloomberg First Word)
To de-activate this alert, click here
UUID: 7947283