PH Senator Wants Banks Probed For Alleged POGO Links

Senator Win Gatchalian intensified the probe into banks' role in POGO-linked money laundering, questioning how P7B transactions for a Bamban hub went undetected.

Senator Win Gatchalian wants to investigate banks who may have been complicit in facilitating money laundering activities linked to Philippine Offshore Gaming Operators (POGOs). 

Highlighting glaring lapses in oversight, Gatchalian in a statement raised concerns over how P7 billion in transactions went undetected, enabling the construction of a POGO hub in Bamban, Tarlac.

“How was P7 billion introduced without being flagged by the banks and detected by the Anti-Money Laundering Council (AMLC)?” Gatchalian questioned. The senator’s remarks came as he emphasized the critical role financial institutions should play in upholding the Anti-Money Laundering Act (AMLA).

As the chair of the Senate Committee on Ways and Means, Gatchalian announced plans to file a resolution calling for an in-depth inquiry into the matter. He underscored that money laundering, as a crime, holds significant ramifications for the country’s financial system and governance.

Gatchalian’s scrutiny follows revelations during recent Senate hearings that POGO-related transactions involving hundreds of millions of pesos had not been adequately flagged. According to the AMLC, investigations into the source of the funds used to build the Bamban POGO hub, as well as compliance lapses by banks, are ongoing.

The senator also reiterated his stance against POGO operations, citing the rise of criminal activities within their hubs, including human trafficking, kidnappings, investment scams, and love scams. He argued that many of these crimes could have been averted had banks rigorously adhered to AMLA provisions.

“Money laundering is equally as big of a crime,” Gatchalian asserted, noting that the failure to monitor suspicious transactions undermines efforts to combat illicit activities. Over the past two years, Gatchalian has been a staunch advocate for terminating POGO operations in the Philippines, citing the extensive social and economic damage they bring.

This development comes as public and government scrutiny over POGO-related activities continues to intensify. Gatchalian’s call for a deeper inquiry into banks’ roles reflects his commitment to holding institutions accountable and ensuring compliance with anti-money laundering laws to safeguard the integrity of the financial system.

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