Senate probers are poised to summon officials of the Bangko Sentral ng Pilipinas, Anti-Money Laundering Council (AMLC), the National Bureau of Investigation and the Luzon Development Bank in an upcoming inquiry into Commission on Elections (Comelec) Chairman Andres D. Bautista’s alleged hidden wealth that his wife estimated to add up to P1 billion.
Tentatively set for Wednesday, the Senate Committee on Banks, chaired by Sen. Francis G. Escudero, was tasked to open an investigation following the filing of Resolution 468 by Senate Majority Leader Vicente C. Sotto III and Sen. Panfilo M. Lacson Sr.
Sotto and Lacson had asked the Committee on Banks, Financial Institutions and Currencies to conduct an inquiry in aid of crafting remedial legislation in the wake of possible violation of Republic Act (RA) 9160, also known as the Anti-Money Laundering Act (Amla) by some “covered institutions.”
Sotto and Lacson said they expect the hearings to come up with recommendations to install further measures to promote efficient compliance with Amla.”
Bautista’s wife Patricia earlier divulged bank records and other financial documents showing the Comelec chief’s alleged hidden wealth way above his declared assets.
The two senators, however, affirmed in their resolution the policy of the State to protect the integrity and confidentiality of bank accounts, as well as ensure “that the Philippines shall not be used as a money-laundering site for the proceeds of any unlawful activity.”
They said the amended RA 9160, enacted into law in September 29, 2001, lowered the amount of covered transactions, defined suspicious transactions and provided additional functions to the AMLC.
Amended by Congress in 2012, the law expanded the list of institutions covered by RA9160, as well as the list of unlawful activities or predicate offenses.