AMLC: Binay’s withdrawals and deposits done almost at same time

By , on May 15, 2015

Vice President Jejomar Binay (Facebook photo)
Vice President Jejomar Binay (Facebook photo)

MANILA – The Anti-Money Laundering Council (AMLC) petitioned to the Court of Appeals (CA) to freeze 242 accounts in banks, insurances and securities companies of Vice President Binay, as well as the accounts of his son Makati City Mayor Junjun Binay, wife Dra. Elenita Binay, and his alleged ‘dummies.’

The petition was in connection with the AMLC’s finding that Vice President Binay’s accounts may have been used as conduits of funds as his withdrawals and deposits were done almost at the same time.

“The amount transacted through Vice President Jejomar Binay’s accounts originated from illicit and/or undeclared activities. Moreover because of the near equivalence of deposits and withdrawals his bank accounts were used as mere conduits of funds derived from such activities,” the AMLC concluded.

The CA then issued a freeze order for six months on Binay’s accounts.

Vice President Binay’s withdrawals amounted to P266 million while his deposits totaled to P253 million, from the period of 2009 to 2013. These were transacted in several banks.

The AMLC pointed out that Binay’s accounts were seemingly used as ‘conduits’ as the amounts of withdrawals and deposits, which were done almost simultaneously, were identical.

“There is a wide gap between his legitimate income and his total bank accounts,” the AMLC added, questioning what Binay’s other source of income was when he was not into any businesses.

Furthermore, Vice President Binay’s statement of assets, liabilities and net worth (SALN) as Makati City Mayor reached only P937,000 in 2009 and P541,000 in 2010. His salaries from 2007 to 2014 was also only P13 million.

Aside from having several accounts in the Philippines, Vice President Binay also has two bank accounts in Canada, which he used to remit money abroad. In both accounts, Binay’s withdrawals and deposits reached P29 million, yet again identical. These accounts were purportedly also used as ‘conduits.’

According to whistle-blower and former Makati City Vice Mayor Ernesto Mercado, Vice President Binay’s financial adviser Gerry Limlingan and aide Eduviges Baloloy got the largest share in Binay’s 242 accounts ordered frozen.

Mercado also revealed that of Binay’s 242 accounts, 110 were controlled by Limlingan and 44 were controlled by Baloloy.

“I’m very happy with the AMLC report because it confirmed all of the things that I told the Senate. At least we now know who has been lying,” he said.