Bank Records Can Trace Duterte's Money Trail, Ex-Prosecutor Says

MANILA, Philippines – Bank records could provide the clearest trail yet in the prosecution’s bid to prove Vice President Sara Duterte’s alleged unexplained wealth, former congressman Oscar Moreno said after the Senate impeachment court authorized subpoenas for the financial records of Duterte and her husband, lawyer Manases “Mans” Carpio. “Bank documents do not lie,” Moreno said during Rappler’s special coverage of Sara Duterte’s impeachment trial on Monday, July 20. The Senate ruling allows prosecutors to seek bank and tax documents that they intend to compare with Duterte’s Statements of Assets, Liabilities, and Net Worth (SALN) and declared income. Duterte’s defense has called the subpoena requests illegal, oppressive, and a “fishing expedition.” Moreno, however, said the records were necessary in an unexplained wealth case because investigators must establish a baseline and follow changes in assets and transactions over time. He said records could show not only how much entered or left an account, but where the money came from and where it went. “Access to the account will also give them access to whoever placed money into that account, whoever issued checks payable to the Vice President or payable to cash, especially if it’s payable to cash,” Moreno said. “That was the case of Jose Velarde. But of course, lalabas ’yan (that will come out).” Moreno served as a prosecutor during the impeachment trial of former president Joseph Estrada, in which the “Jose Velarde” bank account became central to allegations of hidden wealth. Moreno also recalled how a cooperating bank was able to determine that money used to fund a check had come from another account. The former congressman, who helped author the Anti-Money Laundering Act (AMLA), also rejected the argument that bank confidentiality is absolute. He said the law prohibits unauthorized disclosures, not access backed by a lawful court order. “Confidentiality should never be a license for criminality. It should never be a license to shield corruption,” Moreno said. “Nasaan na ang transparency? Nasaan na ang accountability? Nasaan na ang duties of public officials? Nasaan na ang unexplained wealth? Nasaan na ang graft and corruption? Kung strictly confidential pa rin, might as well place all your monies in a foreign currency deposit account and you can sit comfortably well na hindi ma-access sa impeachment court,” the former congressman said. He argued that confidentiality should be the exception rather than the rule, particularly when public accountability is at stake. Moreno also pointed out that the Philippines’ restrictive bank secrecy rules had also played into the country’s inclusion in the Financial Action Task Force’s gray list. Moreno also said reports from the Anti-Money Laundering Council (AMLC) could be crucial because they may already identify transactions considered suspicious due to their size, frequency, or pattern. Such reports would not by themselves prove wrongdoing, but could guide prosecutors on which accounts, checks, depositors, and counterparties should be examined further. – Rappler.com