The Anti-Money Laundering Law (AMLC), amended in 2003, was enacted  mainly to prevent organized crime and global terrorists from using the banking system. President Aquino however has debased it, turning it into his deadly weapon against his enemies.

In 2011, under orders from Finance Secretary Cesar Purisima, Development Bank of the Philippines chair Jose Nuñez accused the bank’s seven directors appointed by former President Gloria Arroyo, former bank president Rey David and 24 bank officials of conspiring to extend P660 million of “behest loans” to tycoon Roberto Ongpin, whom he alleged was former First Gentleman Miguel Arroyo’s “crony.” (more…)