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Author: Tan KW   |   Latest post: Sun, 12 Jul 2020, 11:31 PM


Thorough probe on Wirecard

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MANILA: The Philippines’ anti-money laundering agency says it will conduct a “swift and thorough” investigation into scandal-hit German payments firm Wirecard AG and that it has drawn up an initial list of people and entities of interest.

Wirecard’s collapse last week and admission that US$2.1bil of its cash probably didn’t exist came after auditor EY refused to sign off on accounts for 2019, adding there were clear indications of an elaborate fraud involving multiple parties around the world.

The South-East Asian country became involved after the German firm initially claimed it kept the US$2.1bil in two Philippine banks.

Mel Georgie Racela, executive director of the Philippines’ Anti-Money Laundering Council (AMLC), said entities of interest include three local firms - Centurion Online Payment International, PayEasy Solutions and ConePay International.

“As we continue to monitor developments and dig further, we may be able to identify more entities and individuals, ” he told Reuters.

The Financial Times in March 2019 said the three firms were Wirecard partners.

Reuters could not determine their relationship to Wirecard.

 - Reuters

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