HALISTER1: Philippines Files Money Laundering Case Vs Remittance Officials

Philippines Files Money Laundering Case Vs Remittance Officials

(Bloomberg) -- Anti-Money Laundering Council filed criminal complaint at Department of Justice against officials of local remittance co. Philrem Service Corp. for allegedly helping launder $81m stolen Bangladesh foreign reserves.
  • Named respondents were couples Michael Bautista and Salud Bautista, Philrem chairman and president respectively, and compliance officer Anthony Pelejo
  • Philrem allegedly acted as “cleaning house” for stolen money, $61m of which was converted to pesos and transferred to co.’s Rizal Bank account
  • Bautistas processed $80.9m, accounted for $63.8m but failed to show ~$17.1m was really delivered: complaint
  • Philrem allegedly failed to conduct customer due diligence in currency conversion, withdrawals, deposits and transfers
  • “The participation of Philrem is really to wash the funds and conceal the money trail,” according to copy of 17-page complaint
  • Philrem lawyer Howard Calleja didn’t answer call and didn’t reply to text message seeking comment
  • NOTE: Tax agency filed evasion complaint against couple Link
  • NOTE: How $81 Million Slipped Through Philippine Cracks: Timeline Link
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Source: BFW (Bloomberg First Word)

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