Justice Secretary Jesus Crispin Remulla (PNA file photo)
MANILA – A Laoag City court has found the owner of a local money changer guilty of violating regulatory laws covering non-bank financial institutions, the Department of Justice (DOJ) said Wednesday.
In a statement, Justice Secretary Jesus Crispin Remulla lauded the Department of Justice – National Prosecution Service (DOJ-NPS) for securing the conviction of a money-changing operator charged with engaging in the money service business without the necessary certificate of registration from the Bangko Sentral ng Pilipinas (BSP).
In its two-page decision, Regional Trial Court Branch 15 of Laoag City found Monique Diana R. Castro, owner/operator of LM’s Money Changer (LMMC), a non-bank entity, guilty beyond reasonable doubt for Violation of 901-N Manual of Regulations for Non-Bank Financial Institutions penalized by Section 36 of Republic Act (R.A.) No. 7653 otherwise known as “The New Central Bank Act.”
Presiding Judge Richard B. Balucio sentenced Castro to pay a fine of PHP 50,000.00, with subsidiary imprisonment in case of insolvency.
In the Information filed by the DOJ through Assistant State Prosecutor Vilma D. Lopez-Sarmiento, Castro was accused of willfully, unlawfully, and knowingly operating the money changing and/or foreign exchange dealing without first securing a certificate of registration from the BSP, thereby engaging in unauthorized money service business operation, which is contrary to law.
Remulla commended Lopez-Sarmiento for successfully prosecuting the case.
“This demonstrates our firm resolve to go after those attempting to circumvent the law to the prejudice of the general public,” he said.
“A robust judicial system creates a stable business environment. We have a well-functional and effective administration of justice. You are all secured and assured of a fair and stable justice system.” (PNA)
