PHL Consulate in HK Shares Ways on How to Avoid Money Laundering

The Philippine Consulate General in Hong Kong, together with Hong Kong Police force, has reminded Philippine authorities to prevent Filipinos from being victimize by money launderers, said Philippine Information Agency (PIA) on Wednesday.

Senior Inspector Herman Li of the Joint Financial Intelligence Unit-Narcotics Bureau of the Hong Kong Police Force reminded how Filipinos can avoid being victimized by money launderers.

Li explained that a person can unwittingly get entangled in money laundering when the perpetrator pretending as a government agent applies telephone deception, and tricking the victim into transferring a large amount of money under duress, and pressuring it to do what he (perpetrator) says.

Another type of money laundering is to win the trust of the victim to allow her or his bank account as a temporary repository of funds. Real case studies of people were used, some of whom were convicted with up to three years’ imprisonment for their involvement in money laundering activities.

Li assured the audience that should they invite a person in for questioning because of a suspicious transaction report, the person will not get into legal trouble as long as he or she can satisfactorily explain the source of the money.

In Hong Kong, a person found guilty of money laundering can be fined up to HKD 5,000,000 (P28,661,035), and can be imprisoned for up to 14 years.

Image Credit: www.dfa.gov.ph