Moneychangers, cops team up to stop syndicates

The Manila Police District (MPD) and an association of moneychanger shop owners have forged a partnership for the exchange of information to stop unscrupulous moneychangers and unmask their police protectors.

In a meeting with officers and members of the Association of Authorized Foreign Exchange Buyers of Central Bank of the Philippines, Inc. (AAFEBCBPI), MPD intelligence and investigation chief Senior Superintendent Pablo Balagtas said an emergency dialogue was held following a series of complaints from victims who were shortchanged when they had their foreign currency changed into pesos by unlicensed moneychangers in Ermita, Malate and Binondo.

Manila Mayor Alfredo Lim and MPD director Chief Superintendent Roberto Rosales have given the police an ultimatum to stop the syndicates’ operations and arrest the policemen that protect them.

Aside from monitoring the operation of moneychangers suspected to be conspiring with the syndicates, Balagtas said he will conduct an aggressive drive against them.

AAFEBCBPI president Taib Abdurahman vowed to periodically send the MPD a list of their licensed members. Balagtas said the syndicates operate through unlicensed moneychanger shops that lure their victims with higher exchange rates.

Abdurahman said his association will monitor the illegal activities of unlicensed moneychangers and their protectors.

Meanwhile, Mamang Pulis Integrity Task Force head Chief Insepctor Alberto Peco said his unit is monitoring the activities of policemen suspected to be protectors of these syndicates.

He lamented the victims’ lack of interest to file a complaint against shortchanging foreign exchange shops after getting their money back.

Rosales advised the public not to fall prey to fixers who offer higher foreign exchange rates than that offered by banks or legitimate moneychanger shops. – Nestor Etolle