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                    [ArticleID] => 160308
                    [Title] => CA extends freeze order on suspected laundered accts
                    [Summary] => The Court of Appeals has extended the freeze order on eight bank accounts held by Price Richardson, the test case for the new Anti-Money Laundering Law.


In a landmark six-page decision, the Court of Appeals extended the freeze orders on the bank accounts of Price Richardson, effectively clearing up the lines of jurisdiction between the appellate courts, the trial courts and the Anti-Money Laundering Council.


                    [DatePublished] => 2002-05-10 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096655
                    [AuthorName] =>  Des  Ferriols
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
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                    [ArticleID] => 149057
                    [Title] => Banks told to explain depletion of ‘frozen accounts’
                    [Summary] => Some banks are being asked to explain the depletion of the accounts of Price Richardson Corp. after these were ordered frozen by the Anti-Money Laundering Council (AMLC).


Sources from the Securities and Exchange Commission (SEC) told reporters that the Bangko Sentral ng Pilipinas (BSP) is now looking into reports that Price Richardson was able to withdraw money from its bank accounts despite the freeze order.


The source declined to identify the bank, but Price Richardson has several disputed accounts in Hongkong Shanghai Banking Corp., China Banking Corp. and Citibank.

                    [DatePublished] => 2002-02-01 00:00:00
                    [ColumnID] => 133272
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                    [SectionUrl] => business
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                    [ArticleID] => 147144
                    [Title] => Legarda urges critics: Give money launder law a chance
                    [Summary] => Senate Majority Leader Loren Legarda appealed to critics of the anti-money laundering law to give the measure a chance to work, saying only real test cases would allow it to prove its worth.


"The law is already in place. There is no need to push for changes this early. What government needs to do is quickly put the law through several test cases," Legarda said.


She said the Senate is not inclined to seriously consider any measure seeking amendments to the law, unless it has been certified by Malacañang.


                    [DatePublished] => 2002-01-15 00:00:00
                    [ColumnID] => 133272
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                    [ArticleID] => 141087
                    [Title] => Laundering body freezes bank accounts of ‘boiler room’ firm
                    [Summary] => In its first test case since the enactment of the Anti-Money Laundering Act (AMLA) last September, the government’s Anti-Money Laundering Council has ordered a freeze on the bank accounts and other assets of a boiler room company raided last week.


Securities and Exchange Commission (SEC) Chairman Lilia Bautista said the freeze order initially covered more than P15 million deposited in five different banks under peso and dollar accounts Price Richardson Corp., its director for operations Consuelo Velarde-Albert, and an unidentified foreign salesman.


                    [DatePublished] => 2001-11-23 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096615
                    [AuthorName] =>  Christina Mendez
                    [SectionName] => Business
                    [SectionUrl] => business
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                    [ArticleID] => 140767
                    [Title] => Government readies case vs ‘boiler room’ operator
                    [Summary] => A "boiler room" operation may serve as the government’s first test case in its campaign against money laundering.  The Securities and Exchange Commission (SEC) is now preparing to lodge a court case against Price Richardson Corp.


                    [DatePublished] => 2001-11-20 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096615
                    [AuthorName] =>  Christina Mendez
                    [SectionName] => Business
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)

PRICE RICHARDSON

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                    [ArticleID] => 160308
                    [Title] => CA extends freeze order on suspected laundered accts
                    [Summary] => The Court of Appeals has extended the freeze order on eight bank accounts held by Price Richardson, the test case for the new Anti-Money Laundering Law.


In a landmark six-page decision, the Court of Appeals extended the freeze orders on the bank accounts of Price Richardson, effectively clearing up the lines of jurisdiction between the appellate courts, the trial courts and the Anti-Money Laundering Council.


                    [DatePublished] => 2002-05-10 00:00:00
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                    [ArticleID] => 149057
                    [Title] => Banks told to explain depletion of ‘frozen accounts’
                    [Summary] => Some banks are being asked to explain the depletion of the accounts of Price Richardson Corp. after these were ordered frozen by the Anti-Money Laundering Council (AMLC).


Sources from the Securities and Exchange Commission (SEC) told reporters that the Bangko Sentral ng Pilipinas (BSP) is now looking into reports that Price Richardson was able to withdraw money from its bank accounts despite the freeze order.


The source declined to identify the bank, but Price Richardson has several disputed accounts in Hongkong Shanghai Banking Corp., China Banking Corp. and Citibank.

                    [DatePublished] => 2002-02-01 00:00:00
                    [ColumnID] => 133272
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                    [AuthorName] =>  Des  Ferriols
                    [SectionName] => Business
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                    [ArticleID] => 147144
                    [Title] => Legarda urges critics: Give money launder law a chance
                    [Summary] => Senate Majority Leader Loren Legarda appealed to critics of the anti-money laundering law to give the measure a chance to work, saying only real test cases would allow it to prove its worth.


"The law is already in place. There is no need to push for changes this early. What government needs to do is quickly put the law through several test cases," Legarda said.


She said the Senate is not inclined to seriously consider any measure seeking amendments to the law, unless it has been certified by Malacañang.


                    [DatePublished] => 2002-01-15 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
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                    [SectionName] => Headlines
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                    [URL] => 
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                (
                    [ArticleID] => 141087
                    [Title] => Laundering body freezes bank accounts of ‘boiler room’ firm
                    [Summary] => In its first test case since the enactment of the Anti-Money Laundering Act (AMLA) last September, the government’s Anti-Money Laundering Council has ordered a freeze on the bank accounts and other assets of a boiler room company raided last week.


Securities and Exchange Commission (SEC) Chairman Lilia Bautista said the freeze order initially covered more than P15 million deposited in five different banks under peso and dollar accounts Price Richardson Corp., its director for operations Consuelo Velarde-Albert, and an unidentified foreign salesman.


                    [DatePublished] => 2001-11-23 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096615
                    [AuthorName] =>  Christina Mendez
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

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                (
                    [ArticleID] => 140767
                    [Title] => Government readies case vs ‘boiler room’ operator
                    [Summary] => A "boiler room" operation may serve as the government’s first test case in its campaign against money laundering.  The Securities and Exchange Commission (SEC) is now preparing to lodge a court case against Price Richardson Corp.


                    [DatePublished] => 2001-11-20 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096615
                    [AuthorName] =>  Christina Mendez
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)

abtest

CA extends freeze order on suspected laundered accts

By Des Ferriols | May 10, 2002 - 12:00am

The Court of Appeals has extended the freeze order on eight bank accounts held by Price Richardson, the test case for the new Anti-Money Laundering Law. In a landmark six-page decision, the Court of Appeals extended...

Business

Banks told to explain depletion of ‘frozen accounts’

By Des Ferriols | February 1, 2002 - 12:00am

Some banks are being asked to explain the depletion of the accounts of Price Richardson Corp. after these were ordered frozen by the Anti-Money Laundering Council (AMLC). Sources from the Securities and Exchange...

Business

Legarda urges critics: Give money launder law a chance

January 15, 2002 - 12:00am

Senate Majority Leader Loren Legarda appealed to critics of the anti-money laundering law to give the measure a chance to work, saying only real test cases would allow it to prove its worth. "The law is already...

Headlines

Laundering body freezes bank accounts of ‘boiler room’ firm

By Christina Mendez | November 23, 2001 - 12:00am

In its first test case since the enactment of the Anti-Money Laundering Act (AMLA) last September, the government’s Anti-Money Laundering Council has ordered a freeze on the bank accounts and other assets of...

Business

Government readies case vs ‘boiler room’ operator

By Christina Mendez | November 20, 2001 - 12:00am

A "boiler room" operation may serve as the government’s first test case in its campaign against money laundering. The Securities and Exchange Commission (SEC) is now preparing to lodge a court case...

Business