AMLC files forfeiture case on Wong's assets

The Anti-Money Laundering Council (AMLC) on Tuesday said it filed a forfeiture case on the assets of casino junket operator Kam Sin "Kim" Wong last week.

At the sidelines of the Senate blue ribbon committee hearing on the $81-million money laundering case involving the stolen Bangladesh Bank funds, AMLC Executive Director Julia Bacay-Abad said a civil forfeiture case was filed before the Manila Regional Trial Court (RTC) on Friday.

In response, the RTC issued a provisional asset preservation order (PAPO) on Monday to hold Wong's money in banks while forfeiture case is being heard.

The case "covers the money that was turned over to the AMLC for safekeeping and the amount of money that was frozen by the AMLC by virtue of freeze order," Abad told reporters.

Covered by the civil forfeiture case are the $4.6 million Wong earlier turned over to the AMLC on March 31 , and P38.280 million on April 4.

The funds are currently locked behind the vaults of the Bangko Sentral ng Pilipinas, pending proper turnover to Bangladesh officials.

Also included are the bank accounts of Wong estimated to have deposits worth P15 million.

Abad earlier said a civil forfeiture case against the assets was need so the AMLC might be able to properly turn over the money to Bangladesh officials.

Asked how long the process would take, Abad said as much as three months. – VDS, GMA News