[Rappler Investigates] Washing dirty money

Subtext of the revelations appeared to be that money laundering was also in the works. But what types of transactions fall within the purview of the Anti-Money Laundering Act? Let us count the ways. From what we’ve learned from flood control corruption, there’s the use of casino gambling chips. Remember how Department of Public Works and Highways engineers gambled the hours away, lost a little here, then walked away with stupendous winnings, effectively washing illicit funds collected from irregular activities? From past investigations, we’ve also learned that real estate is another common method of obscuring the origin of funds, sometimes involving multiple companies and layers of ownership or ownership transfers of estates and luxurious properties. In recent events, allegations of “money laundering” initially flitted in relation to former speaker Martin Romualdez, but Ombudsman investigators are said to still be firming up their case. Moody’s defines money laundering as the “illegal process of taking money generated through criminal activities and making it appear as though it comes from legitimate sources. Criminal proceeds are usually moved through the financial system using various methods to disguise the illegal origin of these funds, with the intention of using these disguised funds without detection.” More than a decade ago, Rizal Commercial Banking Corporation got entangled with money-laundering allegations too. Recall the Bangladesh Bank heist and how it seemed like a Netflix whodunnit? Hackers stole over a million dollars from the Bangladesh central bank, with at least $81 million wired to the Philippines. Some key figures got away. Fast forward to 2026 and we’re hearing of similar methods. Money-laundering experts warn against businesses that involve a lot of cash movements. Think service-oriented businesses or retail, drug trafficking, forced labor, or pig-butchering scams. Others just simply buy lots and lots of expensive paintings, or perhaps even insurance. Interestingly during the impeachment trial on Tuesday, October 6, one of the insurance resource persons said that, typically, ordinary folks would get up to maybe three, four, or even five insurance policies. The Duterte couple, Sara and Manases, clearly were extraordinary, going by the number of policies they took out for themselves. There were at least 19 held by the couple since 2010. Subtext of the revelations appeared to be that money laundering was also in the works. But what types of transactions fall within the purview of the Anti-Money Laundering Act? Business reporter Lance Yu explains that the Anti-Money Laundering Council looks at “covered transactions” by virtue of size (over P500,000 in one banking day) and “suspicious transactions” due to surrounding circumstances. Read more here. The prosecution has tried to establish too that the Vice President has been less than honest in declarations made in her Statements of Assets, Liabilities, and Net Worth (SALNs), when these submissions are supposed to be made under oath. Could this be the most damaging yet against Sara, given precedence set by the Renato Corona impeachment years back? Read related stories: LIST: Duterte-Carpio bank accounts, balances detailed in impeachment trial Is Sara Duterte unaware of BPI accounts with father Rodrigo? Sara, Rodrigo Duterte hid P96M through unutilized manager’s checks — prosecution Why BPI asked AMLC to delete P2-B worth of transactions from Duterte-Carpio records If the prosecution winds up with its presentation of evidence this week, the defense should be having its turn next week. There are early indications of the path they will take: distance Sara from both her husband’s transactions and from those of the former president’s. Is this, however, believable or credible, and doesn’t it violate the essence of the SALN’s intent of accountability, truthfulness, and accountability? Question is, will the public, which has probably been desensitized to billions of pesos lost from the flood control scandal, still be enraged? Let me know what you think. Till Thursday after next! – Rappler.com Rappler Investigates is a bimonthly newsletter of our top picks delivered straight to your inbox every other Thursday. Visit rappler.com/newsletters to subscribe. How does this make you feel? Loading