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Pampanga RTC convicts Ch national of money laundering
By J.Lo
“AMLC remains committed to upholding rule of law and protecting integrity of our financial system….this case serves as stark reminder that those who engage in laundering proceeds of crime will face full force of the law,” Anti-Money Laundering Council (AMLC) executive director Matthew David said Regional Trial Court Branch 56 of Angeles City has found drug laboratory operator Xinli Chen guilty of 35 counts of money laundering..
Chen was convicted for violating Section 4(a) of Republic Act 9160, or Anti-Money Laundering Act of 2001, and sentenced to seven to 14 years of imprisonment for each count and fined P3 million per offense.
Chen was arrested on Sept. 7, 2016 during raid by Philippine Drug Enforcement Agency and Pampanga Provincial Police Office on hidden drug laboratory within piggery in Pampanga.
Follow -up financial investigation by AMLC revealed Chen’s money laundering activities, including use of multiple bank accounts to hide illegal profits from drug operations.
David said conviction is significant achievement in government’s ongoing battle against money laundering linked to illegal drug activities.
Financial Action Task Force retained Philippines on its gray list for third straight year as country has yet to adequately address concerns over deficiencies in the country’s measures against money laundering and terrorism financing.
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