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Duterte orders probe into alleged money laundering scheme involving Chinese nationals —Palace
President Rodrigo Duterte ordered an investigation into Chinese nationals suspected of bringing undeclared cash into the Philippines, potentially for money laundering.
The investigation, likely to be headed by the Department of Finance, aims to address concerns that the funds could be used for criminal activities.
Senator Richard Gordon had previously flagged that approximately $188 million in cash was brought into the country by Chinese nationals between December and February.
Duterte also wants to certify as urgent pending bills affecting the Anti-Money Laundering Act (AMLA) and the lifting of the Bank Secrecy Law to enhance the country's credit rating.
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Senator Richard Gordon revealed that 60 individuals, including Filipino and Chinese nationals, brought a total of $633 million or P32 billion in cash into the Philippines from September 2019 to March 2020.
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The Department of Justice (DOJ) is coordinating with the Anti-Money Laundering Council (AMLC) to investigate alleged money laundering activities possibly involving Philippine Offshore Gaming Operators (POGOs).
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Davao City First District Rep. Paolo Duterte filed House Bill 6421, the "Anti-Bulk Cash Smuggling Act of 2020," to penalize the illegal transport of large sums of money into and out of the country.
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The Senate Blue Ribbon Committee has summoned seven individuals identified as the Rodriguez family to explain their alleged involvement in the suspicious entry of millions of dollars into the Philippines.
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The Bureau of Customs (BOC) is intensifying its monitoring of significant amounts of foreign currency entering the Philippines due to money laundering concerns.
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