Senator: AMLC has key role in crippling drug syndicatesThe Anti-Money Laundering Council (AMLC) must work with other law enforcement agencies to dismantle the financial infrastructure of drug syndicates to cripple their distribution networks, Sen. Juan Miguel F. Zubiri said on Thursday. “We are counting on the AMLC in particular to quickly spot and seize suspected drug money flowing through our banks, and to forcefully prosecute cases of money laundering by traffickers,” Zubiri said. “Regulators should disabuse the perception that they have been inadequate in thwarting the criminal use of banks by drug traffickers,” he said. Zubiri pointed to the case of suspected drug lord Rolando “Kerwin” Espinosa Jr., who is on the run. He said the bank and other financial accounts of PEPs are supposed to be subject to stronger anti-money laundering due diligence checks by banks and the AMLC.

Source: Manila Bulletin September 01, 2016 14:13 UTC