Gordon slams AMLC for slow action on Customs’ report

March 5, 2020

Senator Richard Gordon, chairman of the Senate Blue Ribbon Committee, slammed the Anti-Money Laundering Council (AMLC) for not acting promptly on the Bureau of Customs' (BoC) report that a certain individual was caught for non-declaration of $700,000 money in cash in 2019.

Gordon stressed, since the BoC had notified AMLC, the latter should have acted on it immediately as this can be a case of money laundering.

The AMLC, he said, should have checked right away where the money came from and where will the funds be used.

"That means, there's a problem on your bureaucracy. That's bureaucracy at its worst form," Gordon told AMLC.

As a response, AMLC Executive Director Mel Racela said they cannot immediately declare that the funds are money laundered as they have to "assume in good faith."

Gordon did not agree with Racela's reasoning, adding that AMLC's failure to act fast could lead to corruption.

"I'm shocked beyond imagination... You defeat the purpose of the law. Don't you think AMLC has to correct this? Once they cannot establish provenance of the money, that's money laundering," Gordon pointed out.

According to BoC, a total of 60 individuals brought in over $633 million or more that P32 bilion in cash from September 2019 to March this year.

Gordon said this is alarming as foreign currencies could be brought by international syndicates and could be used against the country's national security. DMS