Fast-track amendments to anti-money laundering act — Senator Guingona

By ROUCHELLE DINGLASAN, GMA News

Published May 7, 2012 1:30pm

Senator Teofisto Guingona III urged his fellow lawmakers to amend as soon as possible the "Anti-Money Laundering Act" (AMLA) to prevent the Philippines from being blacklisted by an international policy-making body. As the Senate resumed sessions on Monday after a six-week recess, Guingona, AMLA congressional oversight committee chairman, said “time may be running out on our bid to avert the negative consequences of a blacklisting by countries who are members of the Financial Action Task Force (FATF).” The FATF is an inter-governmental body that develops policies to combat money laundering and terrorist financing. It has 187 member-countries. According to the FATF website, money laundering is the process of concealing the illegal origin of money such as funds raised from the illicit sale of firearms, smuggling, and other criminal activities. Guingona said if the Philippines will be included in the FATF blacklist, it would greatly affect the country’s financial, business and labor sectors as well as the overseas Filipino workers who remit money home.

“Stronger laws against money laundering and criminalizing terrorist financing are just logical steps that we must take in order to give life to our [international] commitments,” Guingona said.

“We can’t just keep on signing these agreements and remain negligent in our duty to ensure that we have laws to support them,” he added.

Guingona explained that the need to amend the AMLA was not only because of the possible inclusion of the Philippines on the FATF blacklist.

“As a sovereign nation, no once can force us to do anything… We have the obligation to ensure that our laws address the public interest and that these … [would] prevent our country from being used as a haven for money launderers and terrorists,” Guingona said.

Earlier, the Senate will not extend its session days to pass the proposed amendments on the AMLA before the deadline set by the FATF.

Malacañang earlier urged the Senate to approve:

Senate Bill 3127 or the Terrorism Financing Prevention and Suppression Act and
Senate Bills 3009 and 3123 which aim to amend the AMLA.

SB 3127 seeks to allow authorities to freeze terrorist funds and inquire into bank accounts even without a court order.

SB 3009 seeks to allow the Anti-Money Laundering Council (AMLC) to inquire into bank accounts without the depositor’s knowledge and allow courts other than the Court of Appeals to issue freeze orders.

SB 3123 seeks to expand the list of entities who shall be required to report financial transactions to the AMLC to include casinos, dealers, pre-need companies, real estate agents, trust and company providers, among others. - VVP, GMA News

Tags: amla, moneylaundering, guingona