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NBI Arrest 3 Individuals Operating Unregistered Money Changer in Makati City

The National Bureau of Investigation (NBI) operatives arrested three (3) individuals for allegedly operating an unregistered money changer.

According to the National Bureau of Investigation, the three persons were detected illegally operating a money changer business in Makati City without proper documentation. As a result, the NBI – Special Task Force was able to apprehend the suspects.

Unregistered Money Changer

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The NBI STF received a complaint from the Bangko Sentral ng Pilipinas over the operation of an unregistered money changer, according to NBI STF chief Bernard dela Cruz. The accused, according to dela Cruz, did not follow the BSP’s request for due process.

“Sinasabi ng Bangko Sentral binigyan sila ng due process but in spite of giving them due process, hindi sila nag-comply at ang pinataw na parusa sa kanila ay perpetual disqualification to engage in money changing,” dela Cruz said.

Money laundering, supporting terrorism, and other reasons, he said, were among the reasons the money changer was operating illegally. Our customers are not safeguarded when converting money, which might be costly at times and cheap at others. Consumers have been duped, he claims.

The suspects remained silent on the subject. Authorities have taken them into jail and will charge them with violating the Central Bank Act.

Meanwhile, Finance Secretary Carlos Dominguez III announced on Wednesday that the government will borrow P300 billion next year from the Bangko Sentral ng Pilipinas. The national government would also settle the full amount of its outstanding P540-billion loan from the BSP this week, ahead of the debt’s maturity date of January 12, 2022, according to Dominguez.

The smaller loan, according to the Finance Secretary, signals to the market that we are on track with the unwinding of liquidity support on firmer evidence of a return to economic strength. The loans, which began in 2020, were intended to keep the government afloat while revenue was low and financial markets were volatile due to the pandemic. The new P300 billion loan will similarly have no interest and a three-month maturity period, with a three-month extension option.

READ ALSO: DFA Employee Arrested Over Illegal Drugs During Buy-Bust Ops in Taguig

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