This just shows how Estrada, not only stole so much money from the government, but also worked his way to hiding these for years undetected. This also shows that many Philippine banks have less integrity. An honest bank will obviously scrutinize a government officials account opening and transaction records (an effective anti-money laundering system will obviously flag huge withdrawals). These went on for years. Multiple open-close scheme is, duh, an obvious flag. AMLC could have done more checking on accounts with volumes of small transactions. If these were going to the same recipient/s in volumes, those are questionable. But more importantly, aside from punishing the crocs, the government should also check the banking systems integrity. Corruption, money laundering etc cant just be called out and stopped by people on the streets or social media, whistle blowers or a very few honest leaders. More than just a business, banks have an important role as they see money as they come and go in their systems. But, the law should also empower banks to act with integrity. So much privacy/secrecy on bank accounts does not help. Of course, I dont think our lawmakers will go so far for this. Never mind the stupid ones. Its just a complex combination of corrupt officials, less political will, weak regulatory systems and institutions with less to no integrity.
Posted on: Sat, 24 Jan 2015 09:22:20 +0000
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