Politics · Philippines Bureau
AMLC finds no evidence of Chinese government funding to Calle 88
The Anti-Money Laundering Council has stated that its records contain no indication that Chinese entities remitting funds to Calle 88 Foods Corporation were acting at the behest of the Chinese government.
LSN Philippines ·
MANILA – The Anti-Money Laundering Council (AMLC) has clarified that its records show no evidence of the Chinese government funneling funds through companies to Calle 88 Foods Corporation, according to Executive Director Atty. Ronel Buenaventura.
Buenaventura's statement addresses concerns raised regarding the source and nature of financial transfers to the food company. The AMLC executive director affirmed that while Chinese companies did remit funds to Calle 88, the available documentation does not suggest these entities were acting as conduits for the Beijing government.
The clarification comes as the money laundering watchdog continues its scrutiny of financial flows to the firm. The AMLC's findings are based on transactional records and supporting documents reviewed during its investigation.
The statement underscores the distinction between legitimate commercial transactions between private entities and suspected illicit state-sponsored financial transfers, a key consideration in the council's assessment of cross-border fund movements.