AMLC READY TO ASSIST ON WIRECARD FUND SEARCH
The Anti-Money Laundering Council (AMLC) said they are ready to assist on the global search for the $2.1 billion missing funds initially thought to have entered Philippine banks.
AMLC executive director Mel Georgie Racela said the AMLC is prepared to receive and take action in respect of our foreign counterparts’ request to assist in their anti-money laundering operations.
So far, Racela said none of AMLC’s foreign counterparts had requested the agency’s assistance to locate the 1.9 billion euros ($2.1 billion) lost from the books of Wirecard AG, a German payments service provider.
Currently, the investigation of AMLC and the Bangko Sentral ng Pilipinas (BSP) has focused on irregularities concerning bank documents falsified to make it appear that BDO Unibank Inc. and Bank of the Philippine Islands (BPI) were holding the funds. Ernst & Young (E&Y), Wirecard’s external auditor, flagged the incident to both banks, who then reported the matter to the central bank.
BDO and BPI, two of the country’s largest banks in asset terms, denied holding the money and serving Wirecard as a client.