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Showing posts with the label money laundering

Editorial 5/6/16 (Philippines, money laundering, elections, president, character, public service, Duterte, politics)

Philippine Star  "Give them back their money" “We don’t have too much money,” Ambassador John Gomes said, as he pointed out that $81 million “is a huge amount of money for a country like Bangladesh.”  The envoy made the comment as he expressed hope that the $81 million stolen by hackers from the Bangladesh central bank’s account at the Federal Reserve Bank of New  York and laundered through Philippine casinos and the banking system would be returned to his country before the end of President Aquino’s term.  That looks like a tall order for the chronically inefficient Philippine judiciary, which must first conclude with finality the forfeiture proceedings initiated by  the Anti-Money Laundering Council or AMLC to recover the amount. Gomes has noted that the casinos have already profited from the stolen funds. Returning the money to  its rightful owner, unfortunately for Bangladesh, is not as simple as it appears in the Philippines.   [full text] Sun....

Editorial 4/1/16 (money laundering, greed, coal, power plant, Cebu, Philippines, El Nino, drought, weather, health, Poe, elections, family planning)

Philippine Star  "Endangered remittances" Several banks have denied shutting down their operations in Italy following the multimillion-dollar electronic heist that saw money stolen from the Bank of  Bangladesh account in the US Federal Reserve being laundered through Philippine casinos and the banking system.  The scandal has not only become a national embarrassment for the Philippines, where a large portion of about $81 million still has to be traced, but has also  endangered the remittances of millions of overseas Filipino workers. This concern has been raised by the Department of Foreign Affairs, even as it denied yesterday  the reports about several Philippine banks shutting down their operations in Italy due to the money laundering scandal.  Credit rating agencies and various analysts have expressed confidence that the Philippine banking system will weather this storm. There are also no indications so  far that the scandal might put the country ...

Opinion 3/23/16 (Philippines, holy week, money laundering, presidential debate, politics, money, political parties)

Sun-Star Cebu  "Redefining holiness" UP until now fasting and abstinence have been the faithful’s favored penitential practices on Holy Week. An esoteric few continue to engage in self-flagellation and  nailing oneself to a cross. The idea is to suffer with Christ by reining in a person’s over-the-top attachment to worldly pleasures with acts of painful self-denial  and mortification.  Sin, in this view, is conceived as synonymous with giving in to the natural propensities of the flesh, man’s profane part where the soul or spirit is the sacred  part. Hence, we punish the flesh to keep it from seriously tempting our spirit with sinful pleasures. We mortify the body to strengthen our spirit against  temptations of the flesh. This betrays an introverted and self-centered concept of holiness.  [full text] Manila Bulletin  "Our agony and shame" As Maundy Thursday and Good Friday come, I realize that the greatest story of more than 2,000 years ago...

Editorial 3/21/16 (banking, Philippines, money laundering, earth, protection, peace, Syria, RCBC)

Philippine Star  "Bank secrecy" Senators reportedly want to “dig deeper” into the money laundering scandal involving several casinos and a bank. Congressmen, apparently hit by publicity envy, have  announced plans to conduct their own probe. The congressional inquiries, ostensibly in aid of legislation, could be stretched all the way to election day.  With just three months left before incumbent officials finish their terms, can any piece of legislation even be proposed in connection with this probe? One measure  needed to prevent a repeat of the scandal has been sought by authorities since the Anti-Money Laundering Act was passed in 2001: an easing of bank secrecy laws,  which are among the toughest in the world. But every Congress has brushed aside the proposal. Will the ongoing probe make a difference?   [full text] Sun.Star Cebu  "Vote Earth" Launched by the World Wide Fund for Nature in 2007, the Earth Hour began as a “lights-off” event in Sy...

Opinion 3/18/16 (civil service, politics, patriotism, Philippines, Bangladesh, money laundering)

Sun.Star Cebu's  Carvajal: "Last Statesman" FOR quite a while, former senator Jovito R. Salonga was the last surviving member of a dying breed of Filipino statesmen. With his death, the breed also gasped its  last as not even a shadow of a statesman was visible in the horizon the day he died. He left his country staring at an arid political landscape where not one blade  of statesmanship grass can be seen straining for sunlight.  Statesmen of the caliber of a Recto, a Manglapus, a Diokno, a TaƱada, and a Salonga could still emerge in the nation’s future. But not before we seriously ask and  answer truthfully the question why the Filipino nation is not anymore producing statesmen or leaders with hearts that have room for the welfare of all. Why is it  instead churning out leaders with hearts absorbed exclusively in their family’s narrow interests? A statesman is born in a home. And just how many Filipino homes are there? Can all those homes be really so ...

Editorial 3/14/16 (Abu Sayyaf, kidnapping, local government, violence, women, Davao River, international relations, Philippines, money laundering, RCBC)

Philippine Star  "Lucrative industry" Local governments play a crucial role in the success of any campaign against extremists and criminal gangs. But there is persistent suspicion that local officials  themselves are in cahoots with the bandits,  using kidnapping to raise funds. With the government’s no-ransom policy just meaningless rhetoric, kidnapping has become  one of the most lucrative industries in Mindanao.  The Abu Sayyaf and other bandit groups in Mindanao have successfully prevented the development of some of the poorest areas in the Philippines. They continue to give  the country a negative image overseas, dampening tourism even outside their areas of operation. The Abu Sayyaf should have been neutralized a long time ago, with a  combination of security and development approaches. The government cannot allow this blight to thrive.   [full text] Sun.Star Cebu  "Violence by women" According to the master narrative dictated by c...

Editorial 3/7/16 (Philippines, death penalty, Indonesia, women, society, government assistance, terrorism, Mindanao, Muslim, money laundering)

Philippine Star  "Still on Death Row" It took only a few months for the court in Yogyakarta to convict and sentence Veloso following her arrest. The Indonesians aren’t going to wait forever for the Philippine courts to do their job. Last year Indonesians themselves staged rallies in Jakarta to pressure their government to grant Veloso a reprieve. Those last-minute appeals to save Mary Jane must not be wasted.  [full text] Sun.Star Cebu  "Sacrificed for family" FOR the family” is the common pretext made by women who stay in an abusive relationship, preferring to risk their sanity and safety, as well as that of their children, than separating from a partner whom they depend on for survival.  Inequality is at the root of poverty, which spiked the number of crimes committed against women and children last year.  The public servants that deserve the votes must answer the long-denied demand of women: “for regular jobs and decent wages,” “for access to social serv...