By Rigoberto Tiglao
The Anti-Money Laundering Law (AMLC), amended in 2003, was enacted mainly to prevent organized crime and global terrorists from using the banking system. President Aquino however has debased it, turning it into his deadly weapon against his enemies.
To the Philippine elite, two ways to quick money are behest loans and bourse graft. In the United States, shoddy savings and loans borrowings and insider stock market trading are treated as crimes and dealt with accordingly by Federal regulators. But this isn’t yet true in this country: anything goes if you can get away [...]
Granted that the unfortunate suicide of a young lawyer at the Development Bank of the Philippines gave not only everyone involved but also the interested public a shock. Granted that the suicide indicated worrisome aspects of the investigation of P660 million in loans extended during the Arroyo administration to a company owned by Roberto Ongpin. [...]