The House Quad Committee plans to summon banks, the AMLC and PAOCC.<\/p>\n\n\n\n\n\n\n\n
The Philippines.- The Philippines\u2019 House Quad Committee (Quadcom) has announced plans to request the presence of several banks, the Anti-Money Laundering Council (AMLC), and the Philippine Anti-Organized Crime Commission (PAOCC) at an upcoming hearing. The purpose is to investigate the movement of funds associated with people or companies under scrutiny for links to offshore gaming operators.<\/p>\n\n\n\n
According to PhilStar, Manila chairman Manila 6th District Representative Bienvenido \u201cBenny\u201d Abante mentioned the move at a meeting with members of the Monday Circle at the Westin Hotel. Abante said he was informed that banks were aware of the intention to require their participation. They are reportedly seeking support from the Bankers Association of the Philippines (BAP) to oppose the summons under the protection of bank secrecy laws.<\/p>\n\n\n\n
Abante said the AMLC and banks should clarify their role in dealing with suspicious movements by people under investigation. He noted instances where those being investigated were able to quickly move funds after Congress conducted an inquiry. Analysts have also suggested that unusual activity in the stock market could signal that it’s being used to channel departing offshore gaming operators’ funds ahead of the shut down of operators.<\/a><\/p>\n\n\n\n Abante said there are now only 43 legal offshore gaming operators despite estimates indicating that nearly 400 operators are still working in various parts of the country, including hidden operations in provinces and small gated communities. He mentioned the case of Alabang, where residents have protested against rentals to Chinese people.<\/p>\n\n\n\n See also:<\/strong> Philippine police investigate kidnapping of man allegedly linked to offshore gaming<\/a><\/p>\n\n\n\nPAOCC warns of former gaming workers running scam farms<\/h2>\n\n\n\n