Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Thursday, April 25, 2019 06:57:05 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Wong for quick return of BB fund as per law

World Bank asks Manila to include casino in 'dirty money law'

By Agency
12th-Apr-2016       
Comments
Share your thought
Post a comment »
Read all () »

Kim Wong - one of the central figures in the $81-million money laundering scandal - has questioned the move of the Anti-Money Laundering Council (AMLC) to directly turn over to the Bangladeshi government the funds he had surrendered as a casino junket operator, saying that any turnover should be done in accordance with Philippine laws.In a letter to Senate Blue Ribbon committee chair Teofisto Guingona III, Wong's lawyers, Inocencio Ferrer Jr. and Kristoffer James Purisima, called AMLC's stand "fundamentally erroneous, procedurally infirm and grossly contrary to law." AMLC originally wanted Wong to issue a waiver and directly return to Bangladesh $4.63 million and P38.28 million that he turned over to the agency for safekeeping. But upon prodding by Guingona and Juan Ponce Enrile last week, AMLC changed its tune and decided to follow its own rules.Wong has said that he has no objections to returning the money to its rightful owners, but said that - upon the advise of his counsels - any turnover should be in accordance with Philippine laws.Wong, owner of the Eastern Hawaii Leisure Company Limited, earlier said the funds were abandoned by his junket agent Gao Shuhua at Solaire Resort and Casino and Midas Casinos where the stolen money from the Bangladeshi government was supposedly funnelled. The money forms part of the $81-million stash, which was allegedly stolen by cyber thieves and found its way to four accounts in Rizal Commercial Banking Corporation's Jupiter branch, and later transferred by money remittance firm Philrem Services Corp. to various casinos and junket operators. Citing Section 12 and 17 of the Anti-Money Laundering Act (AMLA), Wong's lawyers said that "before any money or property can be turned-over and/or delivered to its rightful owner, AMLC should file before a court… a verified ex parte petition for forfeiture." Specifically, the law requires the filing of an action for civil forfeiture in accordance with the Rules of Court. "Thus, to allow the direct turnover of said funds to the People's Republic of Bangladesh without judicial intervention would be a direct violation of the provisions of said law," the lawyers stressed.Meanwhile, the World Bank has said Philippines must make sure casinos are covered by anti-money laundering legislation on Monday it joined calls for the government to better regulate its gambling industry after stolen millions from Bangladesh found their way to Manila.A Philippine panel is trying to fathom how $81 million hacked in February from the New York Federal Reserve account of Bangladesh's central bank wound up with two casinos and a junket operator in the Philippines in one of the biggest cyber heists in history. The government has since recovered part of the stolen money."Reforms should be made, for instance, in making sure that casinos are included (in the anti-money laundering law)," World Bank lead economist Rogier van den Brink told reporters in Manila. "...Loopholes must be closed." The enactment of the anti-money laundering law in 2001 was a good start, van den Brink said, but the Philippines must "keep reforming it so that you are sure these untoward effects will not materialise".In February 2013, the Philippines was up against a deadline to amend its Anti-Money Laundering Act and get itself off the "grey list" of a global watchdog, and lawmakers were arguing over whether to include casinos under the legislation. They decided not to. World Bank senior country economist Karl Kendrick Chua also reiterated the bank's recommendation to ease the Philippines' bank secrecy laws to help combat money laundering and identify tax evaders.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

GDP data demanded by CPD won't be coming


Independent think-tank Center for Policy Dialogue (CPD) said when a government comes to power; it takes new initiatives in line with its electoral pledges. Yet nothing mentionable could be seen after the current government took office. It said an entrenched vested group is framing policies, taking the government in its ...

Football »

Long breaks fastest goal record as Gray snatches late point for Watford


Southampton striker Shane Long scored the fastest goal in Premier League history on Tuesday after netting just 7.69 seconds into his side's 1-1 draw at Watford, who snatched a point thanks to Andre Gray's late equaliser.Long's record-breaking goal came immediately after the kick-off when he blocked a clearance from Watford ...

International »

Pro-EU party launches election campaign as UK MPs return from break


A new anti-Brexit political party launched its campaign Tuesday for next month's European Parliament elections as British lawmakers returned from their Easter break with rumours of fresh bids to topple Prime Minister Theresa May.Change UK, formed by breakaway MPs from Britain's two main parties disgruntled at their stances on Brexit, ...

International »

Fake German heiress on trial in US for duping people of $275,000


AFP, New York :A jury in New York on Tuesday began deliberating the fate of a German-Russian woman charged with 10 counts of fraud and theft of $275,000 during the time she spent passing herself off as an heiress. Anna Sorokin, 28, is accused of inventing a new identity upon ...

Business & Economy »

Zarish Couture, an exclusive fashion house was inaugurated at house: 103, road: 13/A, block-C, Bananni in the city on Saturday. Farzana Rahman, Managing Director of the fashion house and Actor Siam Ahmed were also present.


Entertainment »

Sri Reddy writes an open letter to Chief Minister


Actress Sri Reddy who became a sensation for raising her voice against casting couch in Tollywood is back to making the headlines.  Sri Reddy, on Friday, wrote an open letter to K Chandrasekhar Rao, Chief Minister of Telangana and requested him to personally investigate about the sexual harassment that is ...

Entertainment »

Twitter user calls Priya Anand ‘bad luck’ for co-stars, actress hits back


Actress Priya Anand, who is popular for her roles in Telugu films 180, Ko Antey Koti and Leader, was trolled and called ‘bad luck’ for actors. Tamil actor JK Rithesh, who was recently seen in LKG, has passed away recently due to severe chest pain. Last year, actress Sridevi passed ...

National »

SIRAJDIKHAN (Munshiganj): Health Department, Sirajdikhan Upazila brought out a rally marking the National Nutrition Week yesterday .


International »

Probe shows Sri Lanka attacks 'retaliation for Christchurch': Govt


AFP :Islamist suicide bombings that killed more than 300 people in Sri Lanka at the weekend were carried out in revenge for last month's attacks on two mosques in New Zealand, the government said Tuesday, citing an initial police probe.The revelation came as the death toll in the Easter Sunday ...

Editorial »

Deadly gas pipe line blasts: Who will take responsibility?


THE gas line explosion that killed two garment workers and injured six others in a residential block in Narayanganj on early Monday is not an isolated incident, rather an explicit exposure of the danger of derelict, faulty and illegal gas connections and substandard gas burner uses. We observe that incidents ...

City »

Economist Debapriya Bhattachariya speaking at a media briefing on 'First One Hundred-Day of the Present Government: Independent Review of Bangladesh's Development' organised by CPD in CIRDAP Auditorium in the city on Tuesday.


Sports »

Houston Rockets guard Eric Gordon (10) defends against Utah Jazz guard Donovan Mitchell (center left) in the first half during Game 4 of a first-round NBA basketball playoff series in Salt Lake City on Monday.


Football »

Ronaldo '1,000 percent' with Juventus


Cristiano Ronaldo said on Saturday he is "1,000 percent committed" to staying with Juventus next season after claiming his first Serie A title.Massimiliano Allegri's side needed just one point to nail down its eighth straight league championship, which helped ease some of the pain of its shock Champions League exit ...

International »

Top Democrats leave open option of Trump impeachment after Mueller report


Reuters, Washington :Top congressional Democrats left the door open on Sunday to the impeachment of US President Donald Trump, but said they would first need to complete their own investigations into whether he obstructed justice in Special Counsel Robert Mueller's Russia probe.Some party leaders have cautioned against impeachment just 18 ...

National »

PIROJPUR: Floating Watermelon Bazar at Swarupkathi Upazila has gained momentum as the district has achieved bumper production of the summer fruit. This snap was taken on Monday.


 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news