Ace Barbers: PH financial system may be abused after Que ‘crypto ransom’
Rep. Robert Ace Barbers. File photo.
MANILA, Philippines — Criminal syndicates may already be abusing the country’s financial systems after the ransom money forwarded by slain Filipino-Chinese businessman Anson Que’s family was traced to e-wallets, Surigao del Norte 2nd District Rep. Robert Ace Barbers said on Wednesday.
In a statement, Barbers said that the issue with Que’s ransom can be considered a “deep and alarming national security threat,” as the Philippine National Police (PNP) reportedly traced the ransom money to the electronic wallets of two casino junket operators. That included one owned by a Chinese businessman allegedly linked to a Philippine offshore gaming operator (Pogo).
“This is no longer just about ransom—it’s about a vast shadow economy of crime that’s infiltrating and abusing our financial system,” Barbers, who chairs the House of Representatives’ committee on dangerous drugs, and lead presiding officer of the House quad committee, said.
“What we’re dealing with is a deeply entrenched network of foreign syndicates using the Philippines as a safe haven for financial crimes,” he added.
READ: PNP: Que ransom tracked on e-wallets of 2 casino junket operators
Barbers and the quad committee initiated a comprehensive investigation of the links between the illegal activities in Pogos, the illicit drug trade, and the human rights violations during the past administration’s drug war.
According to the lawmaker, the PNP and President Ferdinand Marcos Jr.’s administration deserve praise for being able to trace the ransom money’s trail.
“We thank the PNP for its relentless efforts in unmasking this operation. Their work is crucial in the Marcos administration’s fight against transnational syndicates,” he said.
“The Marcos administration is waging a serious war against criminal syndicates, and this case proves how high the stakes are,” Barbers said. “These criminals are sophisticated, well-financed, and well-connected. They must be met with the full force of the law.”
Two junket operators
PNP spokesperson Brig. Gen. Fajardo on Monday said that the ransom money was routed through two junket operators — 9 Dynasty Group and White Horse Club. Both were supposedly owned by Li Duan Wang, also known as Mark Ong — a Chinese national from Fujian, China whose naturalization was recently approved by Congress, but vetoed by Marcos.
“The money was sent to the accounts of two junket operators, Dynasty and White Horse. Eventually, the ransom money was transferred from these accounts, and e-wallets were sent to the crypto wallets,” Fajardo said.
PNP Anti-Cybercrime Group (ACG) acting director Brig. Gen. Bernard Yang said they were able to track where the ransom money went before it ended up in crypto wallets, based on a crypto address given to them by the arrested suspects.
Upon the receipt of the physical money, Yang explained that the kidnappers reportedly looked for casino junket operators to transfer the money to crypto wallets.
Yang said the ACG had already sent a subpoena against two local virtual asset service providers and contacted the two others outside the country for a presentation order.
Barbers meanwhile warned that organized crime groups are exploiting weaknesses in the country’s finance infrastructure.
“We must not be complacent. Our sovereignty, our national security, and the safety of our people are at stake. This is a battle we cannot afford to lose,” he noted.
After Que went missing, the Filipino-Chinese businessman paid a ransom money worth P200 million. However, Que and his driver were still found dead in Rodriguez, Rizal.
Eventually, the PNP was able to arrest three suspects, including a Chinese national identified as David Tan Liao, who surrendered to authorities.
READ: 3 suspects in Que kidnap-slay under police custody
Despite the surrender, PNP said back then that they were still following the money trail to recover the ransom money. /MR
