Committee to ask Bautista to waive his right enshrined in Bank Secrecy Law
(Eagle News) — The Senate committee on banks, financial institutions and currencies is set to summon Commission on Elections Chair Andres Bautista in its next hearing on the possible violations committed by Luzon Development Bank of the Anti-Money and Laundering law.
Senator Francis Escudero, Senate committee chair, said this was so Bautista could shed light on the process he underwent to open the supposed accounts he has with the thrift bank, majority owned by the Limcauco family.
Bautista’s estranged wife, Patricia, had said her husband had more than P300 million in the LDB, spread out in 35 accounts-30 in LDB’s Taguig branch and five in the bank’s Makati branch.
While Bautista admitted he does have accounts in the bank, he said the balance was not as huge as his estranged wife alleges.
He noted that not all the money in the accounts belongs to him as some were his parents’, brother’s and sister’s.
It was Senator Grace Poe who filed the motion for Bautista to appear in the next hearing.
“He should be invited to shed light on this issue or in this matter. Or in the absence thereof, to submit a waiver to the bank; so that the hearings can proceed without any legal stumbling blocks,” Escudero noted.
“Broad” PEP definition
In its first hearing, Senate minority leader Franklin Drilon noted what he said was a “broad” definition of “politically exposed persons” under AMLA.
AMLA-covered institutions, such as banks, are required to exercise more diligence when dealing with PEPs, who under the law, are people in government who hold prominent positions and their kin.
Drilon said there was a need to revise such a definition, noting his own experience when his wife’s account–which had been opened before she was married to him–was closed down as soon as they wed.
https://youtu.be/nqcNFz-oHz4
