Jan. 8--Sen. Richard Gordon slammed the Anti-Money Laundering Council (AMLAC) on Wednesday for allowing the 32 frozen bank accounts of former Agriculture Undersecretary Jocelyn "Joc-Joc" Bolante to lapse without raising even a whimper.

"There is rank negligence in allowing the freeze order to lapse," said Gordon, chairman of the Senate blue-ribbon committee that had convened hearings on Bolante's alleged involvement in the P728-million fertilizer fund scam. "The AMLAC is remiss in its duties. It is virtually useless."

Gordon was particularly dismayed that on December 10, the council's Executive Director Victor Aquino assured the blue-ribbon committee that they had already obtained evidence of money laundering against Bolante and that a report is being prepared for submission to the Court of Appeals.

"Ten days later, on December 20, the freeze order expired. AMLAC knew this but allowed this to happen. It did not even inform us of the expiry date," the senators said.

The Court of Appeals unfroze the 32 bank accounts of Bolante after the council failed to give a report on the results of its investigation. The accounts were earlier claimed to be linked to anomalies in the Livelihood Corp. (Livecor) and the fertilizer-fund scam.

The unfrozen Bolante accounts were deposits and insurance policies at Banco de Oro, Citibank, East-West Bank, Maybank, Metropolitan Bank, Philippine National Bank, Insular Life, Prulife, Manufacturers Life Insurance, BPI-MS Insurance, Performance Foreign Exchange Corp. Prudential Bank, Bank of Philippine Islands, Union Bank, Rizal Commercial Banking Corp. and Standard Chartered Bank.

In retrospect

Gordon said the council and the Ombudsman should have filed for an extension of the freeze order on the 32 bank accounts, or sought an attachment of Bolante's assets or petitioned for their forfeiture, as was done in the case of Maj. Gen. Carlos Garcia, the former comptroller of the Armed Forces of the Philippines.

"If a case is later filed against Bolante, what will the government get? It is very possible that Bolante had already withdrawn his money from all accounts except those which he could justify," he said.

Gordon added that it is not farfetched that some big people are behind the council's inaction on the expiration of the freeze order on Bolante's bank accounts.

The blue ribbon will call Executive Director Aquino to its next hearing on the fertilizer-fund scam.

Also testifying in the January 20 hearing is alleged financier Jaime Paule. But Gordon said he does not expect much from Paule. "He will deny everything just like Bolante."

-----

To see more of The Manila Times, or to subscribe to the newspaper, go to http://www.manilatimes.net.

Copyright (c) 2009, The Manila Times, Philippines

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

Philippines:MBT, Philippines:PNB, Amman:UBSI, Philippines:RCB, LSE:STAN,

A service of YellowBrix, Inc.