(Editors Note: VERA Files has partnered with Facebook to fight the spread of disinformation. [11][12] Upon returning to the Philippine Embassy, the group calls Chairman Salonga and Congressman Cojuangco on the success of the Operation, and rushes to complete the required formal documents. De Guzman was informed by the contacts that the Swiss banks will be moving the Marcos money to various financial institutions to safeguard the deposits and avoid a massive withdrawalwhich the bankers alleged was a dark practice of the Swiss banking system. At the same time, the law bolstered provisions of a ''due diligence'' rule mandating that banks uncover the actual owner before accepting funds. Connect with the definitive source for global and local news. Marcos gold to ease our economic woes? | Philstar.com Three vloggers learned the hard way not to stage dangerous pranks for the sake of generating views from the public. This is false. All Content by Mehr News Agency is licensed under a Creative Commons Attribution 4.0 International License. Bankers publicly criticized the move as endangering bank secrecy. To have an idea, in the Bank of England alone, Marcos reportedly deposited 205 tons of gold in 1981 to back up paper money to be printed in London against US advice (read: pressure). [12], The Chaves Report suggested that the Philippine Government would have immediately recovered the $213 million in July 1986 from Credit Suisse and its affiliates had the operation not been stopped by PCGG Chairman Salonga and Solicitor-General Ordoez, and that this would have "paved the way to the recovery of the other deposits of the Marcoses with the Swiss banks" which was estimated by the Chaves Report to be at least $3 billion. We use cookies to ensure you get the best experience on our website. The Swiss Federal Office of Police then issued a freeze order in substitution for the exceptional freezing order of the Federal Council. Ascalon informs the new Philippine government recovery team that the three Swiss lawyers of the PCGG and a gentleman by the name of Pieter Hoets was waiting at the Philippine Embassy.
