Wirecard's missing $2.1B is not in the Philippines, says Palace

Malacañang on Tuesday said the Philippines has effectively implemented its anti-money laundering regulations amid the controversy involving German payments provider Wirecard.

In a televised briefing, presidential spokesperson Harry Roque echoed a pronouncement by the Bangko Sentral ng Pilipinas that none of the missing $2.1 billion of Wirecard had entered the local financial system.

“Hindi makakapasok iyan dahil tayo naman po ay talagang nagpapatupad po ng ating anti-money laundering legislation at hindi na po tayo tagged ng international community as one of the areas na mahina magpatupad ng anti-money laundering regulations,” Roque said. 

“Kinikilala na po tayo na epektibo po ang ating pagpapatupad ng ating batas.”

Local lenders BDO Unibank Inc. and the Bank of the Philippines Islands earlier denied any involvement and clarified that Wirecard was not a client.

Mark Kristopher Tolentino, the Filipino lawyer and former government official embroiled in the controversy, also denied involvement in any irregularities.

Tolentino said his law firm M.K. Tolentino Law & Business Consultancy Office “adamantly denies knowledge and participation in any alleged irregularity arising from new reports that Certificates of Deposits issued by BPI and BDO and submitted to Ernst and Young GMBH were spurious.”

All services rendered by MKT Law, including the opening and maintenance of Philippine deposit accounts for foreign clients, were “above board and performed with utmost compliance with Philippine laws and regulations,” he added.

Wirecard has since claimed that the $2.1 billion it had booked in its accounts likely never existed, which could tarnish the reputation of Germany's financial watchdog. -NB, GMA News