Press Release
March 8, 2011

During the hearing of Senate Sub-Committee on Anti-Money Laundering Law Amendments

The amendments to the Anti-Money Laundering law , I think had been long overdue. We have already [put] pressure from the Financial Action Task Force.

The series of events that have taken place with regard to the events, for example in the Blue Ribbon hearing, underscore the need to amend the Anti-Money Laundering Law to make it tighter. The fact that General Garcia was able to withdraw P128 million prior to the freeze order of his accounts . The fact that General Ligot was also able to withdraw P700 million prior to the freezing of his accounts, underscores the need for the amendments in the anti money laundering.

The law seeks to amend, first of all those covered it seeks to expand, those covered for reportorial requirement . Secondly, it seeks to expand the predicate crimes or activities that are declared as unlawful to the reportorial requirements. Thirdly, it also seeks to clarify and put some sense into the processes which the Anti-Money Laundering council will be able to enforce the law namely : bank inquiries and freezing.

With regard to inquiries and freezing there are two main issues. First is who can determine and order the inquiry and freezing? Should it be the the Anti- Money Laundering Council or should it be the courts? In this case , the Court of Appeals. Second issue : with recourse to the party being inquired into. Should it be ex-parte or should it be de-parte with notice to the person to be investigated?

News Latest News Feed