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Manila Bulletin devider Business devider AMLC slaps money laundering charges against fugitive Alice Guo et al

AMLC slaps money laundering charges against fugitive Alice Guo et al

Published Aug 30, 2024 03:38 pm

The Anti-Money Laundering Council (AMLC) on Friday, Aug. 30, with other government agencies, jointly filed several counts of money laundering against the fugitive ex-mayor Alice Guo – also known as Guo Hua Ping – and will seize assets worth over P6 billion that Guo and her associates acquired illegally.

The AMLC, the National Bureau of Investigation (NBI) and the Presidential Anti-Organized Crime Commission (PAOCC) filed charges against Guo and 35 others including Sheila Guo and Katherine Cassandra “Cassy” Li Ong, with the Department of Justice.

The Bangko Sentral ng Pilipinas (BSP)-led AMLC said these individuals “are alleged to have been involved in a complex scheme of money laundering linked to the crimes of estafa, qualified trafficking in persons, and violations of the Securities Regulation Code.”

AMLC said its investigation, with NBI and PAOCC, showed that from June 2020 to January this year, Guo and her “co-conspirators” accumulated over P101 million from activities found to be criminal in nature. These co-conspirators who are also facing money laundering charges include Jian Zhong Guo, Lin Wenyi, Seimen Guo and others connected to BAOFU Land Development Inc., Hongsheng Gaming Technology Inc., and Zun Yuan Technology Inc.

“The funds, initially meant for BAOFU’s electricity bills, were systematically laundered through multiple bank accounts to conceal their illicit origins,” said AMLC.

AMLC is also seeking the forfeiture of over P6 billion assets controlled by Guo and her group. 

These assets are acquired “through their unlawful activities,” said AMLC.

The forfeiture includes other properties that AMLC said were instrumental in facilitating these illegal operations, such as: numerous real properties in Tarlac, Pampanga, and Las Piñas City; commercial buildings within the BAOFU compound; multiple bank accounts with significant illicit funds; corporate assets linked to implicated companies; a fleet of luxury vehicles; and a helicopter used to facilitate criminal operations.

Earlier, AMLC went after Guo and her group by freezing their bank accounts and other assets, and also filed a forfeiture case versus the BAOFU compound. “The said money laundering case is a part of a series of cases to be filed by the AMLC, in coordination with partner agencies, to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activities,” said AMLC.

AMLC Executive Director Atty. Matthew M. David for his part, said the agency will continue to “ensure that the financial system is not exploited to further criminal enterprises.”

He added that “this filing is part of the AMLC’s pursuit to combat financial crimes and safeguard the integrity of the Philippine financial system.” 

The AMLC is the country’s financial intelligence unit. It is tasked to curb money laundering and terrorist financing in the Philippines.

On Friday, with the filing of charges against Guo et al, the FIU said its "actions underscore the importance of piercing the corporate veil, holding the incorporators, officers, and employees of implicated corporations accountable for their roles in facilitating and perpetuating illegal activities." 

It said "the continued existence and operation of BAOFU, Hongsheng, and Zun Yuan were made possible through the indispensable participation of Guo and her family corporations, who are now facing justice for their actions."

"As this case progresses, the AMLC reaffirms its commitment to enforcing the Anti-Money Laundering Act (AMLA) and working closely with domestic and international partners to ensure the successful prosecution of those involved in financial crimes," it added.

 

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