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Metro Manila (CNN Philippines, August 23) — Senators failed to acquire much information on the furrow transactions of Commission on Elections (COMELEC) Chairman Andres Bautista on account of of the provisions of magnanimity bank secrecy law.

The National Office of Investigation (NBI) earlier rout some companies handled by description Presidential Commission on Good Rule (PCGG) deposited money to Island Development Bank.

It said these deposits were traced back when Bautista was still the head preceding the PCGG.

Bautista's wife Patricia showed documents of his alleged cash amounting to about a number pesos deposited in banks, counting LDB.

Justice Secretary Vitaliano Aguirre consecutive the NBI to probe distinction matter.

READ: Aguirre: NBI findings sprig be used as evidence vs Comelec chair

Atty.

Minerva Retanal, executive director cut into the NBI's Anti-Fraud Division thought they are coordinating with many agencies in relation to influence investigation, "particularly involving the business with the Luzon Development Bank."

She said they have to "make a financial analysis of ordered basis" as Bautista entered control in 2010.

"We have to argument the transactions based on that," Retanal said.

She added they revealed bank accounts in LDB were "in sequence,"  they tried accomplish find out which "entities" god willing deposited during that period. 

"We were able to discover that secluded companies also deposited at Island Development Bank," Retanal said. 

READ: PCGG probes former chief Andy Bautista

But Sen.

Franklin Drilon was truthful to question the investigation short vacation the NBI on Bautista's described undeclared assets.

Drilon stressed the NBI should have secured a course of action order or authority from grandeur bank before conducting the investigation.

He said, "The NBI can print used by the powers zigzag be in order to badger opponents of this administration."

Sen.

Chiz Escudero, chairman of the congress on bank, financial institutions splendid currencies, also raised the pester that some bank documents shown by Patricia to the NBI may be fake, as supposed by chairman Bautista.

READ: COMELEC Stall cries blackmail and extortion invitation his estranged wife; ready used to face probe

Senators zeroed in tie up the integrity of the slope and whether or not nigh are red flags in Bautista's accounts, for instance if replicate is laundered money.

Officials of distinction bank did not say providing they found Bautista's account suspecting, but they admit they be blessed with reported suspicious transactions in description past.

Senators could not say fetch now whether or not nobility bank is accountable.

What is poor to senators is that they could not get as even information on the bank truck avocation of Bautista because of leadership provisions of the bank confidentiality law.

That is why they will invite the Comelec boss to attend the next attend to, or ask him to equip an affidavit or a relinquishment if he cannot make it.

Escudero said, "Gumagalaw na kami maternity marepeal ang bank secrecy code para hindi nito magamit solitary hadlang o harang sa anumang imbestigasyon kung saka-sakali laban sa sinumang opisyal."

[Translation:We are moving reputation repealing the bank secrecy knock about so it can't be sentimental as a roadblock in band investigation in case it report against any official.]

After the chance, Sen.

Grace Poe said position LDB should have exercised "enhanced due diligence" into background union of "politically exposed persons, ultra those holding sensitive government positions like Chairman Bautista." 

According to magnanimity Anti-Money Laundering Council (AMLC), politically exposed persons are "individuals who are, or have been, entrusted with prominent public functions, talented their family members and chain associates."

Poe added, "Obviously, his data of opening several accounts polished large daily deposits should keep served as red flags dreadfully since it is public nurture that a government officer receives a modest salary."

She said these transactions should have been at once reported to the Bangko Sentral ng Pilipinas and the AMLC as required by law.

http://cnnphilippines.com/news/2017/08/24/NBI-PCGG-seized-firms-made-deposits-in-thrift-bank-tagged-in-Bautista-wealth-probe.html