The Department of Finance yesterday said that the government will “vigorously investigate” the flow of foreign currency worth millions of dollars into the country suspected to be part of a money laundering scheme.
Carlos Dominguez, DOF secretary, told reporters he was able to discuss with President Duterte the issue on suspected money laundering of several groups since last year, during a Cabinet meeting Monday night.
“He confirmed the recommendation to have the Bureau of Customs (BOC) and Anti-Money Laundering Council (AMLC) vigorously investigate, enhance monitoring (of inflow of foreign currency in the country),” Dominguez said.
“(He also wants) to certify as urgent pending bills affecting the Anti-Money Laundering Act, and the lifting of the Bank Secrecy Law in cases of predicate crime such as money laundering and tax evasion,” he added.
The BOC, as reported by the DOF in an earlier statement, said two groups brought in an estimated $370 million or around P18.74 billion last year.
The amount was brought in by the “Rodriguez” and the “Chinese” groups, Rey Leonardo Guerrero, BOC commissioner, said in his report to Dominguez.
Guerrero said foreign currencies brought in by the Rodriguez group through the Ninoy Aquino International Airport amounted to about $200.24 million or around P10.18 billion; while the Chinese group was able to sneak in $167.97 million, equivalent to about P8.54 billion.
The BOC chief said the Rodriguez group had declared Excellent Forex Inc. as its recipient of the money, which entered the country from July 17, 2019 to January this year, while the Chinese group brought in its stash from December 17, 2019 to January.
He added the BOC learned that the couriers of the money are paid between P12,000 and P50,000 per flight.
He said these couriers travel almost twice or thrice a week and carry about one to two pieces of luggage, and are able to escape detection because they are escorted by members of the Philippine National Police, Armed Forces of the Philippines, or the airport police department at the Manila International Airport Authority.
The BOC thus recommended the creation of an interagency body to keep tabs on the inflow of foreign currency into the country and propose measures to deter the use of these funds for illegal activities.
“Alarmed by the foregoing circumstances, considering the apparent intent of the said groups to bypass the country’s banking system and its prevailing regulations, this bureau coordinated with and brought the matter to the attention of the AMLC. Since then, this Bureau and the AMLC remain in close communication regarding this concern. The National Intelligence Coordinating Agency (NICA) was likewise apprised of the said facts,” Guerrero said in his report.
He said the BOC also informed members of Congress about this concern, “as possible basis of policy changes on the protocol to be observed regarding hand-carried foreign currencies passing through our airports.”
“Given the global threat of terrorism, organized crimes, money laundering and the possibility that such foreign currencies find their way to such unlawful activities, it is respectfully recommended that an inter-agency body be established through a presidential directive, purposely organized to monitor the continuous inflow of foreign currencies by individual couriers, profile the personalities involved and the recipient thereof, and recommend measures to ensure that such sums of money will not be used in any illegal trade or activities,” Guerrero said in his report.
