P20 M in foreign currencies held

Customs authorities at the Ninoy Aquino International Airport "confiscated" yesterday some P20 million in various foreign currencies from a departing passenger bound for Hong Kong, which they said could be a test case under the new money laundering law.

NAIA Customs District Collector Celso Templo said that the US, Japanese, Canadian and Australian currencies were taken from Rosauro Patricio, 45, of La Union. The money was in a hand-carried luggage.

Templo said that based on records of departing passengers from the NAIA’s Centennial Terminal II, Patricio, who is a licensed money exchange dealer, is a regular commuter to Hong Kong, giving rise to suspicions that he has been moving foreign currencies abroad.

Patricio was said to fly to Hong Kong once a week with only a hand-carried luggage with him, and return on the same day, Templo disclosed in a report to Customs Commissioner Titus Villanueva.

However, there is no government restriction for bringing out of the country foreign currencies. The prohibition covers only local currency exceeding P10,000.

But under the recently passed money laundering law, a person can be investigated if he is found in possession of P5 million or more to determine the source or sources of the money.

Lawyers of Patricio questioned the seizure by Customs authorities of the foreign currencies, pointing out that their client had not violated any law in trying to bring the foreign currencies to Hong Kong.