Remulla commends conviction of unlicensed money service operator

Justice Secretary Jesus Crispin “Boying” C. Remulla lauded the Department of Justice – National Prosecution Service (DOJ-NPS) for the conviction of a money changing operator engaged in the money service business without the necessary certificate of registration from the Bangko Sentral ng Pilipinas (BSP).

In a two-page decision, the Regional Trial Court Branch 15 of Laoag City found Monique Diana R. Castro guilty for violation of Republic Act No. 7653 otherwise known as “The New Central Bank Act.”

Castro, owner/operator of LM’s Money Changer (LMMC), a non-bank entity, was sentenced by Presiding Judge Richard B. Balucio to pay a fine of Fifty Thousand Pesos (P50,000.00) 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.

Castro pleaded of guilty to the case.

“In view of the guilty plea, the Court finds the accused guilty beyond reasonable doubt of the offense charged,” Judge Balucio said.

For this, 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,” the Secretary stressed.

Remulla 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,” Remulla added.