"The enforcement of this law is part and parcel of our fight against organized crime and corruption and of our role as a stronger player in regional and global security," the President said in a speech before international financial market players.
She said the enforcement of the anti-money laundering law was moving forward and the first conviction was gained through effective prosecution by the government.
Press Secretary Ignacio Bunye said the President was pleased with the conviction even though the case may still be appealed.
The Anti-Money Laundering Council (AMLC) announced the other day that Branch 167 of the Pasig Regional Trial Court handed down the first ever conviction against Eric Allagadan, branch manager of Union Bank in Annapolis, Greenhills.
Allagadan was ordered to pay P1.5 million or face a prison term of not less than four years but not more than six years.
Court records revealed that in March 2002, Mitsubishi had paid taxes and duties for an imported cargo from Japan amounting to P15.92 million. However, the amount was never deposited to the account of the Bureau of Customs (BOC) but instead found its way into the account of one Mario Misa.
AMLC executive director Vicente Aquino said it was Allagadan who facilitated the laundering of the funds. Misa and several others were also accused as principals in the criminal act of money laundering.
Misa and his cohorts Michael Lafuente, Reynaldo Nicolas, Rex Jao, Jesus Silverio and Luisito Estanislao are still at large and only Allagadan actually faced trial at the Pasig court.
Still the conviction of Allagadan was considered a landmark case in the country’s financial history.
"This is the first time we got a conviction under this new law and we are glad of it," Aquino said.
There are over 20 other money-laundering cases still pending in various courts, some already in the advanced stages of trial, he added. — Aurea Calica