Philrem execs answer money laundering charges before DOJ
Philippines — Officials of remittance firm Philrem Service Corporation facing charges for their alleged involvement in the laundering of $81 million stolen from the Bangladesh Bank have submitted their counter-affidavit to the Department of Justice.
Philrem president Salud Bautista, her husband Michael “Concon” Bautista, chairman of Philrem’s board of trustees, and Anthony Pelejo, the firm’s anti-money laundering compliance officer, are charged with violating the Anti-Money Laundering Law.
The Bautista couple said called the accusations against them by the Anti-Money Laundering Council bereft of truth.
The three said the AMLC’s complaint-affidavit did not specify any predicate crime by the alleged source of the money, a key element of money laundering.
They added that the hacking of the Bangladesh Bank did not happen in the Philippines, which goes against the principle of “territoriality” in the country’s criminal law, meaning the alleged crime should have been committed in the Philippines.
Philrem was the firm tapped to deliver the money from the Rizal Commercial Banking Corp. Jupiter Makati branch to local casinos where the funds disappeared.