Finance chief orders Customs to help in dirty money probe | ABS-CBN

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Finance chief orders Customs to help in dirty money probe

Finance chief orders Customs to help in dirty money probe

ABS-CBN News

 | 

Updated Mar 02, 2020 03:11 PM PHT

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MANILA - The Department of Finance said Monday it directed the Bureau of Customs to help the Anti-Money Laundering Council investigate alleged attempts by syndicates to bring in large sums of foreign currency through the country's main airport.

Finance Secretary Carlos Dominguez issued the order in response to a BOC report about several attempts to sneak in dollars and other foreign currency into the country using travelers arriving at the Ninoy Aquino International Airport, the DOF said.

BOC Commissioner Leonardo Guerrero estimated that $370 million or around P18.74 billion were brought into the country last year by two groups, identified in his report as the “Rodriguez” and the “Chinese” groups.

The Rodriguez Group brought in about $200 million or around P10 billion while the Chinese group was able to sneak in $168 or about P8.54 billion, the BOC said.

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The individuals bringing in these large amounts of cash were escorted by police, military or airport authorities, the BOC said.

Senator Richard Gordon earlier said several Chinese citizens laundered at least $188 million in cash in the country starting December 2019. The money was declared as for "travel and casino" use, as well as for "investment," Gordon said.

The BOC called for an interagency body "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.”

The Philippines requires any person to declare any amount exceeding $10,000 (or its equivalent in other foreign currency) being brought into or out of the country, including its purpose.

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