Chiz asks Andy Bautista, family: Are you licensed forex traders? Do you pay taxes on your gains?
Senator Francis “Chiz” Escudero on Sunday dismissed concerns that the Senate would violate Commission on Elections (Comelec) Chair Andres Bautista’s right to keep his bank deposits secret.
“Hindi ito lalabag sa secrecy of bank deposits dahil hindi ko naman tinatanong kung totoo ba talaga at ilan deposits nya dun. Eh lumabas na rin naman mga deposits (sa news reports) at ayon kay Bautista sasagutin nya at papaliwanag nya at wala naman daw syang itatago so hindi ko nakikita na magiging problema yun,” he said.
The chair of the Senate committee on banks, financial institutions and currencies, was referring to the alleged undisclosed deposits maintained by the Comelec chair in the rural bank, Luzon Development Bank (LDB), which is said to contain P277.7 million.
Bautista also admitted keeping foreign currency deposits.
“Saan galing yung kinikita (na sabi na nakadeposit)? Ang tanong, registered foreign trader ba sya o yung pamilya nya? If they’re engaged in it, saklaw ng BSP (Bangko Sentral ng Pilipinas) ‘yan. Kailangan naka register ka sa BSP o namimili lang ba sya ng sarili nya at kumikita sya, pero dapat i-declare pa rin sa BIR (Bureau of Internal Revenue) ‘yan, nagbayad ba sila ng buwis para dun,” he said in a radio interview.
“Ganyan ang mga dapat tinanong kay Bautista maski na legal pa yung pinanggalingan at nais kong malaman sa LDB, ginawa ba nila yun?” Escudero asked.
Besides exercising due diligence, banks should be more cautious in dealing with so-called prominent individuals, especially those “politically-exposed person” (PEP) or those in the government or in the field of politics.
“(Why?) Dahil baka galing sa corruption yung pera, hindi legitimate yung pinanggaling nung pera dahil nga sa laki ng pondo na dumadaan sa government, tama at marapat lamang na maging katulong at katuwang natin ang mga banks sa pagbabantay sa kaban ng bayan,” he said.
This early, Escudero said they’re looking at possible amendments in the Anti-Money Laundering Act (AMLA), BSP law an exercise of their oversight functions in determining whether banks adhere to the intention of Congress against the continued existence of money laundering activities in the country.