Cuenco can’t probe bank accounts of two Cebu traders, senators say

CEBU CITY — Cebu City south district Rep. Antonio Cuenco has no authority to investigate the bank accounts of businessman-brothers Peter and Wellington Lim, or to compel the two to present their bank accounts.

Two senators reminded Cuenco, chairman of the House special committee on dangerous drugs, that only the Anti-Money Laundering Board can be allowed by the court to pry into bank accounts.

The Lim brothers are being investigated by Cuenco’s committee after the two were accused by two of their former employees of involvement in the illegal drug trade.

In last Friday’s public hearing of the House panel here, Cuenco threatened to subpoena the bank accounts of the Lims if they would not voluntarily provide the committee with statements of their bank accounts.

Sen. Aquilino Pimentel said House or Senate committees cannot pry into bank accounts of private individuals, or even of government officials.

For his part, Cebuano Sen. Sergio Osmeña III said Cuenco cannot compel the Lim brothers to present their bank accounts to the House committee because of laws concerning bank secrecy.

In an interview with dyLA, Pimentel said only the Anti-Money Laundering Board can ask the court to open bank accounts or produce bank statements of individuals.

Pimentel urged Cuenco to seek the help of the Anti-Money Laundering Board in securing a permission from the court to look into the bank accounts of the Lim brothers.

Meanwhile, Osmeña, in an interview also with dyLA, said that under the Bank Secrecy Act, only in instances like impeachment trial, bribery of public officials and when the accounts are subject to a tax case in court, that a bank account could be opened and investigated.

Like Pimentel, Osmeña advised Cuenco’s committee to coordinate with the Anti-Money Laundering Board.

The board is composed of the Central Bank governor, chairman of the Securities and Exchange Commission and the insurance commissioner.

Osmeña said the Lims can contest the opening of their bank accounts but cannot oppose the freezing of their accounts.

He said that before the board asks permission from the court to pry into bank accounts, the board will first freeze the bank accounts in question.

Last Friday, Cuenco justified his ordering the Lims to submit their bank accounts by saying that the committee might be able to trace and prove the brothers’ illegal drug activities through their bank accounts.

In another development, sixth district Rep. Soon Ruiz has asked Chief Superintendent Avelino Razon, regional police director, for bodyguards for her family after receiving death threats. — Freeman News Service