Rizal Commercial Banking Corp. (RCBC) president is expected to attend a Senate hearing on 15 March in Philippines on an $81-million money laundering transaction involving the bank.

‘In the hearing called by the Senate Blue Ribbon committee, RCBC president and chief executive officer Lorenzo Tan is expected to shed light on the alleged involvement of the bank owned by taipan Alfonso Yuchengco,’ reports The Philippine Star.

‘Tan will also face RCBC Jupiter branch manager Maia Santos-Deguito who, he said, was in charge when the alleged embezzled money from Bangladesh Bank was deposited in her branch.’

‘Sen. Teofisto Guingona III chairs the committee.’

RCBC’s spokesman denied Tan had gone on leave. ‘Not true. He will be there,’ the spokesman said.

‘Tan had offered to go on leave to give the bank a free hand in investigating the alleged money laundering issue.’

‘However, Francis Lim of ACCRA Law said the bank’s owners and management have vouched for the integrity of Tan.’

‘The bank’s board thanked him for his gentlemanly and decent gesture but said their trust in him is intact and unshaken,’ Lim said.

‘Tan has vehemently denied involvement in the alleged multimillion-dollar money-laundering scheme that is now subject of an investigation by the Anti-Money Laundering Council (AMLC).’

‘I condemn as malicious and actionable insinuations that the top management of the bank knew of and tolerated alleged money laundering activities in one branch,’ he said.

‘I will fully cooperate with all ongoing inquiries and believe that I and consequently the bank’s management will be fully vindicated,’ he added.

Lim said Deguito had already admitted in a radio interview that she had assumed Tan knew about the $81-million transaction at the RCBC Jupiter branch.

He also told lawyer Ferdinand Topacio, counsel of Deguito, to stop dragging other bank officials into the alleged laundering of dirty money via RCBC.

‘So instead of asking RCBC to sanction Mr. Tan, Topacio should instead assist his client to explain the accusation of William Go that she opened an account in her branch without his knowledge, used this account for deposit and withdrawal without his knowledge, and identify who forged Go’s signature to withdraw money,’ he added.

Likewise, Lim said Topacio should explain why Deguito attempted to fly to Japan last Friday.

‘Topacio earlier said in a television interview that he would file charges against officials of the Bureau of Immigration and other agencies for not allowing his client to fly to Japan last Friday despite the absence of a hold departure order.’

‘Aside from Tan and Deguito, others invited to the hearing are Philippine National Bank president Reynaldo Maclang, BDO Unibank president Nestor Tan and East West Banking Corp. president Antonio Moncupa Jr.’

‘A Malacañang official, meanwhile, said no stone should be left unturned in the investigation by authorities into the money laundering issue.’

‘But as it is, Presidential Communications Development and Strategic Planning Office Undersecretary Manuel Quezon III said ‘the discovery of this and its investigation is proof positive that we are a responsible member of the global banking community’ and not a safe haven for dirty money.’

‘It should be a cause of reassurance for us that even when there are alleged situations of this nature, it was detected first and foremost; secondly, it was investigated; thirdly, it was reported in the media so nothing was kept secret,’ Quezon said over radio dzRB.

‘We are confident that their investigations will leave no stone unturned’ because the integrity of the country’s banking system is at stake.

‘Meanwhile, former senator Panfilo Lacson promised to work for strengthening the Anti-Money Laundering Act (AMLA) if he gets elected again to the Senate. Lacson, one of the authors of AMLA, said the country should be fully compliant with the standards of the Financial Action Task Force.’