Quad comm to summon banks, AMLC

The quad committee of the House of Representatives wants to summon a couple of banks, the Anti-Money Laundering Council (AMLC) and even the Philippine Anti-Organized Crime Commission (PAOCC) to its next hearing to shed light on what appears to be the massive movement of funds from individuals or companies related to the ongoing investigation into Philippine Offshore Gaming Operators or POGOs.

- MARIANNE GO

This was revealed Monday morning by quad comm co-chairman Manila 6th District Representative Bienvenido "Benny" Abante to members of the Monday Circle at the Westin Hotel Manila just before he rushed to the House of Representatives for the formal turnover of some pieces of documentary evidence to the Office of the Solicitor General.

But even as he publicly calls for the appearance of the AMLC and the banks at the House hearing, he likewise revealed that he has heard that banks are already aware of his intent to require their participation and are asking their umbrella organization, the Bankers Association of the Philippines (BAP) to oppose an "invitation" under the protection of bank secrecy laws.

According to Rep. Benny Abante, there is a need to summon some banks and the AMLC to the quad comm hearing to look into the suspicious movement of funds of those being summoned and investigated in the committee hearings, noting the massive amount of POGO funds that he says some have attributed to pump priming the local economy.

The lawmaker claims that Chinese money "is flowing like crazy," citing that some P8 billion has been identified so far.

The co-chairman of the quad committee expressed his view that the AMLC and the banks should explain their role in dealing with suspicious movement of funds by individuals under investigation, noting that in some instances, those being investigated are somehow able to quickly move their funds right after Congress conducts an inquiry.