Press Release

MANILA – Senator Sherwin Gatchalian on Monday vowed to intensify the investigation into the possible involvement of banks and other financial institutions in money laundering cases linked to the illegal activities of Philippine offshore gaming operators (POGOs).
For instance, he questioned why banks failed to flag PHP7 billion in transactions that enabled former Mayor Alice Guo and her cohorts to build a POGO hub in Bamban.
“Paano naipasok ang PHP7 billion na hindi dinedeklara ng bangko at hindi nadedetect ng AMLC? (How the PHP7 billion entered without having declared by the banks and detected by the AMLC (Anti-Money Laundering Council)?” he said, referring to the estimated amount of money used to build the POGO hub in Bamban.
“Money laundering is equally as big of a crime,” said Gatchalian, chair of the Senate Committee on Ways and Means.
Gatchalian said he would soon file a resolution and call for an investigation into the matter.
He earlier said criminal activities committed in POGO hubs such as human trafficking, kidnapping, investment and love scams among others could have been prevented if banks strictly complied with the AMLC.
For over two years, Gatchalian has advocated for terminating all POGO operations in the country, emphasizing that transactions involving hundreds of millions in POGO-related money should have been flagged.
During the last Senate hearings on POGO, the AMLC said it was still conducting its investigation on the source of funds used for the construction of the Bamban POGO hub.
Similarly, an investigation is also being conducted into compliance issues of banks involved in POGO-related transactions. (PR)