AMLA nets 1st conviction in P16-M case

THE country’s antimoney laundering campaign scored its first conviction Thursday.
       “The conviction sends a clear signal that Manila’s Antimoney Laundering Act (AMLA) is effective and its council is working. Other countries do not even have a single conviction yet,” said the executive director of the Antimoney Laundering Council, Vic Aquino.
       More than 20 money-laundering cases had been filed since the first one three years ago involving drug-related, corruption, kidnapping and swindling charges.
       In total, under P2 billion worth of bank deposits had been frozen as a result, Aquino added.
       In this particular case, a bank manager of the Annapolis, Greenhills branch of Union Bank in San Juan facilitated the transfer of a Global Bank check issued by the local unit of Mitsibushi Corp. for the account of the Bureau of Customs, thus diverting it to the accounts of several private individuals.
       “The transfer defrauded the government of P15.9 million in duties and taxes incurred by Mitsubishi Corp. with the importation of materials.
       “The Union Bank manager, Eric C. Allagadan, facilitated the transfer and that is illegal,” Aquino said.
       Aquino said Union Bank cooperated with the prosecution, its officers acting as witnesses that helped convict its own official. J. Vallecera