Duterte trial: Court allows presentation of foreign-currency accounts

MANILA, Philippines — Presiding officer Francis Escudero on Monday denied Senator-Judge Imee Marcos’ objection to presenting foreign currency accounts in Vice President Sara Duterte’s impeachment trial.

READ: AMLC docs show VP Duterte-linked company transacted with Chinese firms 

During the 33rd day of the trial, Marcos objected to foreign currency accounts being discussed as Anti–Money Laundering Council (AMLC) Secretariat Executive Director Ronel Buenaventura read details of a transaction report that included a non-peso account.

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“I would like to make that objection, please. It’s very, very clear and well established in both the [former President Joseph Estrada] and [former Chief Justice Renato Corona] impeachment that foreign currency accounts are excluded,” Marcos said.

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But Escudero said that during the Corona impeachment, the court allowed testimony on foreign currency deposits covered by the AMLC.

Escudero also issued an extended ruling on the matter, citing Section 76(2) of the Bangko Sentral ng Pilipinas’ Manual of Regulations on Foreign Exchange Transactions, which explicitly states that the “absolute confidential nature of foreign currency deposits under the [Foreign Currency Deposit Act] shall not apply to a covered institution that reports foreign currency deposits in covered transaction reports or suspicious transaction reports to AMLC], pursuant to Section 9(C) of Republic Act 9160.”

“Thus the suspicious transaction reports or CRTs submitted to the AMLC do not acquire the status of absolute confidentiality merely because they contain information concerning foreign currency deposit accounts,” he added.

READ: AMLC shows Duterte, spouse transactions linked to flood control, drugs

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He also noted that in the case of Republic vs. Sandiganbayan, the court ruled that the AMLC cannot invoke the confidentiality provisions under AMLA to prevent disclosure of information on covered and suspicious transaction reports.

“The court did not distinguish between peso, foreign currency, and denominated transactions,” Escudero said.

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“Therefore, the prohibition and confidentiality prohibitions of AMLA cannot apply to it. Otherwise, it will contravene its direct mandate under Section 7 and duly hamper criminal prosecution of money laundering activities,” he added.

However, Escudero, in making the ruling, clarified that it is not at this point compelling the bank or covered institutions to disclose information concerning foreign currency deposits maintained by the respondent. Instead, the witness is merely being asked to testify on records and financial information “already in their lawful presentation.”

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“The court hereby denies the objection and manifestation as well of [Senator-Judge Marcos],” he said. /mcm