You wonder now, where did the USD159,700 Marissa Tadeo Lapid, wife of Philippine Senator Lito Lapid, was allegedly attempting to squirrel into several US banks to “structure transactions to evade reporting requirements” come from? According to an ABS-CBN News report, Mrs Lapid knowingly attempted to conceal and evade US bank transparency regulations…
A Philippine Star report said officials explained that Mrs. Lapid committed to “structure cash deposits” by separating a single deposit above the reporting threshold into two or more separate deposits for the purpose of evading her financial institutions’ reporting requirements.
These financial institutions are banks located in the US. These banks are legally required since 1996 to report to the federal government cash deposits that were above a certain dollar amount, $10,000, “the reporting threshold,” by making the so-called currency transaction report (CTR) when a depositor makes a deposit.
The scheme involves breaking larger amount into two or more amounts that were less than the original amount and deposited them into multiple bank accounts, often on the same day.
The ruling on the sentencing of Mrs Lapid however sought to assure us on the pointlessness of speculating where the money came from stating that, “There was no evidence that any of the money involved in the case was improperly obtained.”
Of course. As far as the United States Government is concerned. Time to think about what this means to Filipinos. Interestingly, the former action-star-turned-legislator had last year signed up with ABS-CBN to moonlight as an actor citing a need to make more money…
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“Kailangan kong kumayod,” (my translation: “I need to scrape hard to make a living”) said the action man which leads us to wonder what sort of financial obligations he might be saddled with to have to juggle several jobs. Lapid recently signed up with media conglomerate ABS-CBN to do “an action-oriented teleserye“.
Unlike those of typical Pinoy teleserye the plot here thickens…
For now, there is no way to prove whether or not Senator Lito Lapid came about this amount of money in an honest manner. However, this highlights once again the embarassingly archaic bank secrecy laws of the Philippines. That the wife of a Philippine Senator would try to fly under the radar of US bank reporting regulation and Customs law provides us with an idea of how much politicians’ money might be sitting in all these secret bank accounts and how much of it flies to the US aboard planes used in the many junket trips these politicians and their entourage go on.
One thing’s for sure, it makes a lot of sense now why Congress seems disinclined to tackle the obvious implications of re-evaluating Philippine banking law as well as a host of other “archaic” laws that infest Philippine Law in general. There’s just too much at stake.
benign0 is the Webmaster of GetRealPhilippines.com.
ang kakapal ng mukha ng mga yan 🙁 walang hiya, magnanakaw. nakakapanggigil lang na ang daming mahirap sa pinas at nagtitiis ng gutom, sila kamal kamal na salapi ang hawak at kung magmalinis ng Impeachment kala mo busilak. dapat diyan bitayin at yung asawa niyang eh silaban ng buhay or ipaanod sa lahar!
Wives of rich men are as dumb as their husbands for allowing themselves as their couriers fully aware that they are going to be ascertained as criminals never mind that they are already in their own zero morals.
Just like tha member of that Gen Garcia’s. These people routinely fly to Hongkong to deposit ill-gotten cash. Well, Hongkong was designed to accept such kind of money. That is why for so long, mon ey transfers from HK banks to the US banks are closely monitores.
money talks – but lapid doesn’t
Another despicable episode involving a corrupt and greedy senator.
Lapid has 17 cars and 10 houses but only declares 10.1 million pesos in SALN.
He should not only be kicked out but investigated by BIR
The silent one had no comment regarding his wife!
I think he is happy as he continues his life with his korean mistress who happens to be a car importer!!
What a low life
10 houses and 17 cars! I bet those are not ordinary houses and cars. Say, how much does an honest senator earned a year? People of the Philippines it’s judgement day this election year! You are empowered by the constitution and you have the power to remove and to install political figures. This election year guard your rights and protect your votes. Stop being a slave. You are a tax payer and those bad guys are stealing your money. Act now or act never. It’s always your choice not their’s!
I’ve heard it said…”an honest politician is just as unthinkable as an honest burglar.”
Aren’t senators politicians?
What? The senate was not scandalized about Ms. Lapids dollar smuggling? Could it be that their own wives are exactly doing the same too?
Ha-ha-ha-ha! This is utterly hilarious! Hey buddy your sense of humor is just awesome but believe me my friend, you got it bulls eye!
wives and some senators
hence frequent trips abroad
a 6 million peso unaudited travel budget per senator, and their bags not checked by customs( a form of diplomatic immunity! – senators only, not their wives. maybe lito lapid wanted his wife out of the way – at least he will save on divorce costs and not have a complicated valentines day.
the philippines makes it so easy to steal and get away with it.
Lito Lapid have been elected to public office for all the wrong reasons. This guy is nothing but heavy burden on taxpayers shoulders and will continue to be when he retires and collects his pension.
another Filipino thief on the International stage…way to go Mrs. Lapid you give the world a true glimpse of the best the country has to offer.
The real question: Why is a senator allowed to have another job? Where I’m from, that has “conflict of interest” written all over it.
Senator M.Santiago’s recommendation not to allow non-taxpayers to vote should be given serious consideration. These people are responsible for getting individuals like Lito Lapid get elected to government positions where they don’t contribute anything positive. Lapid should also be investigated for possible involvement in the Pork Barrel Scam.
Oh please! As governor he declared lahar income at 1M A YEAR. His replacement later revealed that lahar income was actually 1M A DAY. Lapid made 364 MILLION a year on that one deal AND WAS NEVER INVESTIGATED. Does anyone believe that he will be prosecuted for his wife’s bungling attempts to launder money?
convicted, nakulong ba?
Dapat sa mag asawa na yan patayin!