A BILL seeking to impose tougher punishment on people who act as money mules in fraudulent financial schemes has been filed in the Senate.
Senator Sherwin “Win” T. Gatchalian on Aug. 23 filed Senate Bill No. 2407, the Anti-Financial Account Scamming Act, which imposes a six-year jail term and fines of up to P500,000 on money mules.
Money mules refer to persons who obtain, receive or transfer money derived from crimes and other illegal activities, including cyber-crimes that take advantage of the unemployed.
“For the past three years, the unsuspecting public lost millions of their hard-earned money to these cyber-criminals,” Mr. Gatchalian said. The Bankers Association of the Philippines said unauthorized withdrawals and transfers reached more than P1 billion in 2021 due to higher cyber-crime incidents and digital transactions amid a coronavirus pandemic. — John Victor D. Ordoñez
