Senator Francis “Chiz” Escudero wants his committee on banks, monetary establishments and currencies to add to the rising variety of businesses and congressional our bodies trying into the alleged P1 billion hidden wealth of Commission on Elections Chair Andy Bautista as spilled by his estranged spouse, Tish.
Escudero mentioned he needed the committee to look into Tish’s allegations that Bautista had practically P300 million deposited in secret accounts with Luzon Development Bank, a thrift financial institution owned by the household of his pal, former Transportation Undersecretary Rene “Timmy” Limcaoco.
“If this is true, then we have to scrutinize the rural banking industry (and its practices) and introduce amendments to the law if need be,” he mentioned.
The Senate blue ribbon committee is planning to launch a probe into Bautista’s funds.
Escudero mentioned they’ve to discover out if some rural banks had been getting used as a device by unscrupulous people, particularly authorities officers, to launder cash and whether or not these banks had been frequently reporting to the Anti-Money Laundering Council (AMLC) suspicious transactions as supplied underneath present legal guidelines.
Tish claimed in an affidavit to the National Bureau of Investigation that Bautista has not less than 32 passbooks fromLuzon Bank containing an estimated P227.7 million.
She additionally claimed that the ballot govt has been supposedly maintaining international forex deposits and these had been allegedly undeclared in his assertion of property, liabilities and web price (SALN) pegged at P276.three million in 2016.