Palace backs 2 Philippine banks dragged in Wirecard controversy

June 23, 2020

Malacañang assured on Tuesday that the Philippines would not become a destination of laundered money amid the controversy involving the German firm Wirecard AG.

Presidential Spokesperson Harry Roque made the statement after two Philippine banks - BDO Unibank, Inc. and Bank of the Philippine Islands - have been dragged into the issue.

"Well, the Bangko Sentral and the two banks involved - BDO and BPI- clarified that there was no truth to the certificate made by the junior bankers  that money entered here from that (Wirecard company), there's none," he said in a virtual press briefing.

He said that no laundered money could enter the country because the government has been enforcing the Anti-Money Laundering Law.

"And we're not tagged anymore by the international community as one of the areas which has weak implementation of the anti-money laundering regulations. We are being recognized for the effective implementation of the law," Roque explained.

Central Bank Governor Benjamin Diokno earlier said that no money entered the Philippines that supposedly came from the $2.1 billion missing fund from Wirecard.

He has said that Wirecard scammers only used the two local banks for possible cover-up.

Both BDO and BPI have said that Wirecard was not their client nor did they have any business relationship with the foreign company. Celerina Monte/DMS