Banks may be guilty in allowing Bolante to withdraw money
On January 20, the Anti-Money Laundering Council (AMLC) said that some banks may be guilty in violating anti-money laundering regulations. The Council meant that the banks allowed former Agriculture Undersecretary Jocelyn “Joc-joc” Bolante to withdraw money from his bank accounts that the Court of Appeals (CA) recently unfroze.
This was after the chief architect Bolante who misused of P728 million fertilizer fund in 2004 admitted that he withdrew from his questioned accounts.
In a hearing, the Anti-Money Laundering Council executive director Vicente Aquino said that, before allowing any withdrawals from questioned accounts, banks should ask for an official confirmation from it. Aquino told Senate President Juan Ponce Enrile that banks may be fined P100 000 for each violation.