Alice Guo, A fugitive former mayor in Philippines accused of links to Chinese criminal syndicates has been arrested in Indonesia, Manila’s justice ministry said in a statement.
Alice Guo was arrested in Tangerang City in Jakarta, Indonesia
In a decisive move against illegal Philippine offshore gaming operators (Pogos), the Anti-Money Laundering Council (AMLC) has issued a comprehensive freeze order on July 10, targeting numerous individuals and companies. Among the most notable names in this crackdown is Alice Guo, along with her associated entities. The scope of the freeze order is vast, encompassing 90 bank accounts spread across 14 financial institutions, various real estate properties, and high-value personal properties such as luxury vehicles and even a helicopter.
Senator Sherwin Gatchalian, who has been actively involved in the investigation, shared the AMLC’s statement late Thursday. According to Gatchalian, the AMLC’s financial investigation has unveiled significant connections between Alice Guo and entities such as Zun Yuan and its predecessor, Hongsheng Gaming Technology Inc. During the construction of a Pogo complex managed by Hongsheng, large sums of money were transferred to Alice Guo, revealing a complex web of financial transactions that have raised suspicions of money laundering.
Alice Guo’s Pogo Complex and Financial Malfeasance
The sprawling Pogo hub, estimated to have cost at least P6.1 billion to build, featured 36 multistory buildings, luxury villas, a swimming pool, and underground tunnels. This massive infrastructure underscores the scale and audacity of the operations involved. Senator Gatchalian highlighted that the AMLC’s detailed report on the financial transactions of Guo, her family, and their associates showed a significant inflow of funds from China. These funds were funneled through various individuals and corporations within the Philippines, creating a complex financial trail.
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Gatchalian expressed deep concern over the Philippines becoming a money laundering hub, facilitated by the ease with which illicit funds can be brought into the country. He pointed out that a large portion of the money laundering activities linked to Pogos could be attributed to deficiencies in the government’s regulatory processes and the possible complicity of some banking officials.
“The AMLC provided me with a very detailed report on its investigation of the financial transactions of Guo, her family, and their business associates,” Gatchalian said. “A big portion of the money came from China and was sent to different individuals and corporations here in the Philippines.”
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Conspiracy Theories and Banking Sector Complicity
Senator Gatchalian did not shy away from suggesting that unscrupulous officials within private commercial banks might have conspired with Guo and her accomplices to facilitate the questionable entry of funds from China. He highlighted the fact that the AMLC received reports about Guo’s suspicious transactions only recently, despite the illicit activities dating back to 2019. Over three years, billions of pesos flowed into her accounts without being reported by the banks, raising suspicions of internal collusion.
Gatchalian drew parallels to the infamous 2016 incident where a branch manager at Rizal Commercial Banking Corp. (RCBC) in Makati City was found guilty of money laundering for facilitating the transfer of $81 million stolen from Bangladesh’s central bank. This precedent underscores the potential for bank employees to be involved in facilitating large-scale money laundering activities.
“If you look at the timeline, this started way back in 2019. I was looking at the transactions, billions of pesos entered her accounts in a span of three years, but the banks did not report it,” Gatchalian stated. “Somebody from the branches of the banks could have connived with them that’s why these were not immediately reported (to the AMLC). I also suspect that the banks themselves were part of the conspiracy.”
Ongoing Investigations in Alice Guo and POGO
The AMLC’s statement did not specify the total value of the assets frozen or the locations of the banks involved. However, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier, who heads the Financial Supervision Sector, acknowledged the ongoing investigation. She noted that it would be premature to comment on the liability of the banks concerned at this stage. However, she affirmed that if violations are found, the banks will be required to provide explanations as part of due process.
AMLC officials, on the other hand, could not be reached for additional comments, leaving several questions unanswered about the full extent of the financial network involved.
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The AMLC’s recent actions mark a significant step in addressing the pervasive issue of money laundering associated with Pogos. The crackdown underscores the need for stringent regulatory oversight and highlights the potential risks posed by illicit financial activities within the country’s banking sector. As the investigation continues, the extent of the involvement of various entities and individuals will become clearer, paving the way for further measures to combat money laundering and uphold financial integrity in the Philippines.
Senator Gatchalian emphasized the broader implications of the scandal, urging government agencies and stakeholders to rigorously implement anti-money laundering processes. “What happened in Bamban is again an eye-opener and we’re looking into the shortcomings of the government agencies and other stakeholders in implementing our processes against money laundering,” he said.
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The revelations surrounding Alice Guo and the Pogo complex have sent shockwaves through the financial and gaming sectors, shining a spotlight on the urgent need for reform and vigilance in combating financial crimes. As the AMLC continues its investigation, the Philippines stands at a critical juncture, with the potential to strengthen its regulatory framework and restore confidence in its financial systems.
