AMLC Secures 55 Convictions for Money Laundering against company secretary
A liaison officer and secretary to the president of a chemical trader-distributor was convicted for fifty-five (55) counts of money laundering based on investigative findings of the Anti-Money Laundering Council (AMLC).
In a fifty-six (56)-page Decision promulgated on 18 April 2018, Presiding Judge Caridad M. Walse-Lutero of the Regional Trial Court (RTC) in Quezon City, found Annabella C. Ylagan guilty beyond reasonable doubt for fifty-five (55) counts of money laundering, and sentenced her to seven (7) years’ imprisonment for each count.
The AMLC, the country’s financial intelligence unit (FIU) and enforcer of the Anti-Money Laundering Act of 2001, as amended (AMLA), proved that Ylagan transferred funds from her employer’s accounts in three (3) banks to a bank account she opened under fictitious bank accounts under the name “Lourdes R. Liu” and a company purportedly created by Ylagan. Ylagan’s modus operandi involved routing faxing of forged letters of authority, instructing banks to transfer funds from her employer’s accounts to her own fictitious accounts. Ylagan amassed Php12 million over a four (4)-year period.