ILOILO CITY – The Western Visayas Anti-Money Laundering and Counter-Terrorism Task Force is investigating a foreigner allegedly behind 46 fake corporations registered in Iloilo and other parts of the country. “We have an ongoing investigation into a foreigner who faked his nationality to form...
Reforms in public procurement, infrastructure oversight, and accountability must be fully carried out to ensure that the billion-peso flood-control corruption scandal does not happen again and those responsible are made to answer, according to four governance and business groups. In a joint...
The Philippine Amusement and Gaming Corp. (Pagcor) ordered casino operators to integrate specific corruption-linked red flags into their compliance systems, escalating its clampdown on dirty money moving through the country’s gaming hubs. Licensed operators and their service providers have six...
A 48-year-old woman was arrested on Wednesday night, May 20, after allegedly using a counterfeit ₱1,000 bill to pay for groceries in Barangay Flores, Malabon City. Based on the report of Malabon City Police (MCPS) Station Sub-Station 7, the suspect bought grocery items worth P300 at a consumer...
Lending by big banks, or universal and commercial banks (U/KBs), closed the first quarter on an upbeat note as it accelerated to a seven-month high in March, according to the Bangko Sentral ng Pilipinas (BSP). This came as the sector provided “even stronger support for the production activities...
Philippine banks must strengthen safeguards against money laundering and terrorism financing across all payment activities, the Bangko Sentral ng Pilipinas (BSP) ordered, warning that banks remain accountable for violations even when using third-party payment aggregators. Under Memorandum No....
ZAMBOANGA CITY – An employee of the Bureau of Internal Revenue here who was arrested during an entrapment operation in 2022 was convicted by the Regional Trial Court of money laundering. The Regional Trial Court Branch 12 sentenced Flora Sarau Albao, Revenue Officer IV of Revenue District 93 A of...
The Bangko Sentral ng Pilipinas (BSP) stated that its governor will respond to a legal complaint once he receives an official copy of the documents, as the country’s monetary authority seeks to maintain focus on its regulatory mandate. In a statement on Monday, April 27, the central bank said BSP...
The Court of Appeals has ordered a freeze on dozens of bank accounts and properties belonging to a prominent legislator, a business associate, and a linked corporation amid an expanding investigation into anomalies in government flood-control projects. The freeze order, issued April 23, covers 25...
Anti-Money Laundering Council (AMLC), the Philippine financial intelligence unit, has entered a new chapter with the appointment of Ronel Buenaventura as its new executive director, succeeding Matthew David. Buenaventura takes the helm of AMLC at a time when the agency continues to deepen...
Bulk of the P611 million turned over to the Department of Justice (DOJ) as a form of restitution in the “anomalous” flood control projects came from former Department of Public Works and Highways (DPWH) undersecretary Roberto R. Bernardo. DOJ Spokesperson Raphael Niccolo L. Martinez disclosed...
The Anti-Money Laundering Council (AMLC), the Philippine financial intelligence unit, has begun searching for its next executive director as Matthew David prepares to step down and seek another position within the Bangko Sentral ng Pilipinas (BSP). David led several asset freezes and seizures...
