DOF: BSP not remiss in anti-drug war

The head of the country’s economic team vouched for the Bangko Sentral ng Pilipinas’ (BSP) commitment in supporting President Duterte’s plan to go after alleged money launderers involved in the illegal drug trade.

In a statement, Finance Secretary Carlos G. Dominguez III said the BSP, the Department of Justice and the National Bureau of Investigation “have agreed to take steps leading to a closer working relationship in support of President Duterte’s all-out drive to run after suspected money launderers.”

“These institutions’ adoption of a much closer working arrangement with respect to investigations on suspected crooks who make use of our tough bank secrecy law to stash their loot in our banking system is expected to preclude from hereon any miscommunication similar to the one that has apparently and unfortunately taken place just recently—and which shouldn’t have happened in the first place as all of these agencies are equally committed as front-liners in the President’s war on criminals and grafters,” Dominguez said.

He said BSP Governor Amando M. Tetangco Jr. has been providing the much needed information.

“The timely submission of documents needed by the NBI for its investigation after the initial ‘wrinkle’ in their working arrangement illustrates that the concerned institutions have been up to the task but regrettably have had to observe the normally tedious procedures as required by law,” the Finance chief said.

He said the legal process “has from the start been a stumbling block to the immediate prosecution of suspected money launderers underline the urgency for the Congress to pass new legislation relaxing the country’s bank secrecy law.”

Mr. Duterte earlier said a “guy,” whom he did not identify, was able to launder P5.1 billion in drug money for “one family” under the nose of the BSP and the Anti-Money Laundering Council. Ben O. de Vera