HALISTER1: Philippine Remittance Agents Say No Probable Cause on Laundering

Philippine Remittance Agents Say No Probable Cause on Laundering

(Bloomberg) -- There’s no probable cause to hold Philrem officials on trial for allegedly helping launder $81m stolen Bangladesh foreign reserves, they said in affidavits submitted to Department of Justice.
  • NOTE: Anti-Money Laundering Council in April filed criminal complaint at Department of Justice against officials of Philrem Service for allegedly helping in laundering Link
  • Michael Bautista and Salud Bautista, Philrem chairman and president respectively, and compliance officer Anthony Pelejo submitted counter-affidavits
  • Nothing in complaint that would establish unlawful activity or predicate crime to money laundering has been committed, they said
  • Alleged unauthorized access to Bangladesh Bank system not shown to have taken place in Philippines; as such no predicate crime could have been committed applying principle of territoriality, Philippine penal laws enforceable only within its territory
  • NOTE: Central Bank Revokes Philrem’s Remittance License After Bank Heist Probe; Philrem transferred bulk of the money to local casinos Link
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Source: BFW (Bloomberg First Word)

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