Money laundering joins list of crimes that flourished under Noynoy Aquino government

It looks like Philippine President Benigno Simeon Aquino is going out with a bang. Less than two months before the next Presidential Elections, an audacious cyber heist incident has sent shock waves around the world. If not for its sheer brazenness, that it involved a tiny Third World Catholic country like the Philippines makes this […]

Entrenched thievery: The Philippines remains home to institutionalised money laundering

In an era that has seen the demise in just a couple of decades of the legendary secrecy that shrouded Swiss banking and the shadowy transactions of its princely clients, the Philippines stubbornly persists as a blight to global banking transparency thanks to its infamously outdated bank secrecy laws. Certainly it comes as no surprise […]

Tip of the iceberg: Manny Villar’s and JV Ejercito’s alleged secret offshore accounts

The recent brouhaha over the linking of Senator Manny Villar and House Representative JV Ejercito to shady offshore corporations based in the British Virgin Islands is timely. The brouhaha surrounds a recent report published by the Philippine Center for Investigative Journalism (PCIJ) of revelations following a thorough international investigation conducted by the Washington, D.C.-based International […]

Moving on after the trial: repeal of the Foreign Currency Deposit Act followed by a full-scale audit and investigation

The challenge of “moving on” needs to be substantiated. I keep hearing that challenge in the context of the recently-concluded trial and conviction of Philippine Supreme Court Chief Justice Renato Corona. That circus took up no less than six months of the already meagre attention span of Philippine society and, as most circuses do, it […]

Chief Justice Renato Corona goes beyond redeeming himself to become hero of bank secrecy reform!

Chief Justice Renato Corona more than redeemed himself today after the minor debacle he got himself into when he left the witness stand before he was formally discharged on his first appearance in his own impeachment trial last Tuesday, the 22nd of May. Coming across today as forthright and sincere, Corona delivered a brilliant television […]

Corona’s alleged walk out: was he physically sick of the impeachment court?

Most of us have come to expect pandemonium when it comes to the impeachment trials of our public officials and that is usually what we get. I must say that this is one for the books. We all knew that Supreme Court Chief Justice Renato Corona’s appearance in his impeachment trial would be filled with […]

US not happy with strict Ph bank secrecy laws

Following the landmark decision coming from the Senate court trying the impeachment of Chief Justice Renato Corona to uphold a Supreme Court restraining order on the opening of Corona’s dollar accounts, much attention has now been directed to the Philippines’ “archaic” bank secrecy laws. According to also secret United States embassy cables revealed by Wikileaks, […]

Could Umali, Tupas, ‘small lady’, and Rappler.com be all chargeable for serious violation of Philippine bank secrecy laws?

A big gray area now looms over the Senate impeachment trial of Supreme Court Chief Justice Renato Corona after the questioning yesterday (the 8th of Feb) of prosecution witness Pascual Garcia III who is president of Philippine Savings Bank (PSBank) raised the ugly heads of the Philippines’ bank secrecy laws further. During questioning conducted by […]