Probe sought into potential bank involvement in setting up questionable POGO hubs | ABS-CBN
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Probe sought into potential bank involvement in setting up questionable POGO hubs
Probe sought into potential bank involvement in setting up questionable POGO hubs
ABS-CBN News
Published Sep 17, 2024 11:07 AM PHT
MANILA — Sen. Sherwin Gatchalian said Tuesday he filed a resolution calling for an investigation into the possible involvement of banks in the questionable establishment of some Philippine Offshore Gaming Operators (POGOs) in the country and their alleged suspicious transactions.
MANILA — Sen. Sherwin Gatchalian said Tuesday he filed a resolution calling for an investigation into the possible involvement of banks in the questionable establishment of some Philippine Offshore Gaming Operators (POGOs) in the country and their alleged suspicious transactions.
The Senate Resolution No. 1193 that Gatchalian filed seeks an inquiry into what he called the "apparent failure" of banks to flag suspicious transactions related to the construction of POGO hubs. He did not mention any banks.
The Senate Resolution No. 1193 that Gatchalian filed seeks an inquiry into what he called the "apparent failure" of banks to flag suspicious transactions related to the construction of POGO hubs. He did not mention any banks.
The move comes after recent Senate hearings revealed questionable bank transactions amounting to hundreds of millions of pesos tied to companies linked to dismissed Bamban, Tarlac Mayor Alice Guo, also known by her alleged Chinese name Guo Hua Ping, who allegedly facilitated the creation of a POGO center in her municipality.
The move comes after recent Senate hearings revealed questionable bank transactions amounting to hundreds of millions of pesos tied to companies linked to dismissed Bamban, Tarlac Mayor Alice Guo, also known by her alleged Chinese name Guo Hua Ping, who allegedly facilitated the creation of a POGO center in her municipality.
"The amount involved is far beyond the financial capacity of the companies as indicated in their financial statements," the lawmaker said in a statement.
"The amount involved is far beyond the financial capacity of the companies as indicated in their financial statements," the lawmaker said in a statement.
The surge in bank transactions was most notable in 2020, Gatchalian noted, despite the COVID-19 pandemic halting businesses and economies globally. The senator raised concerns over how banks and financial institutions allegedly failed to report these suspicious transactions that he considered "significant amounts of money."
The surge in bank transactions was most notable in 2020, Gatchalian noted, despite the COVID-19 pandemic halting businesses and economies globally. The senator raised concerns over how banks and financial institutions allegedly failed to report these suspicious transactions that he considered "significant amounts of money."
"The failure of these banks to report these dubious transactions raises the matter of the effectiveness of their internal controls and procedures for identifying and reporting suspicious transactions," he added.
"The failure of these banks to report these dubious transactions raises the matter of the effectiveness of their internal controls and procedures for identifying and reporting suspicious transactions," he added.
Gatchalian said that under the Anti-Money Laundering Act, banks are required to report suspicious transactions to the Anti-Money Laundering Council within 5 working days. He questioned whether existing regulations and procedures for identifying and reporting such transactions are effective enough.
Gatchalian said that under the Anti-Money Laundering Act, banks are required to report suspicious transactions to the Anti-Money Laundering Council within 5 working days. He questioned whether existing regulations and procedures for identifying and reporting such transactions are effective enough.
Gatchalian also highlighted the importance of strengthening the country's anti-money laundering and counter-terrorism financing (AML-CTF) measures, noting that the Philippines is still on the Financial Action Task Force’s grey list. He stressed the need for better compliance from the private sector to improve the country's AML-CTF regime.
Gatchalian also highlighted the importance of strengthening the country's anti-money laundering and counter-terrorism financing (AML-CTF) measures, noting that the Philippines is still on the Financial Action Task Force’s grey list. He stressed the need for better compliance from the private sector to improve the country's AML-CTF regime.
POGOs were legalized under the administration of former President Rodrigo Duterte but after being linked to heinous crimes and other illegal activities, President Ferdinand Marcos Jr. ordered their shutdown in the country within the year.
POGOs were legalized under the administration of former President Rodrigo Duterte but after being linked to heinous crimes and other illegal activities, President Ferdinand Marcos Jr. ordered their shutdown in the country within the year.
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