THE Senate investigation of the entry of illegal money into the country allowed senators to pinpoint loopholes in the country’s banking laws that should be corrected to stop attempts to launder dirty money in the Philippines.
Senator Sergio “Serge” Osmena 3rd, Blue Ribbon committee vice chairman, said the hearings on the $81 million money laundering scandal helped them identify loopholes in the Bank Secrecy law, General Banking Act and the Anti-money laundering act (AMLC) as well as the Foreign Currency Deposit Unit (FCDU).
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