May 16, 2012
SEN. GUINGONA PUSHES FOR SCOPE EXPANSION
To add more teeth to the existing Anti-Money Laundering Law, Senator Teofisto "TG" Guingona III is pushing for the immediate passage of Senate Bill 3123 which aims to expand the definition of money laundering and the list of unlawful activities. Sen. Guingona made the sponsorship speech for SB 3123 at the Senate plenary on Wednesday to reiterate the immediate passage of the bill set to deter unlawful activities and tighten the noose against ill-gotten funds.
"The government should continue to update and formulate effective and potent counter-measures to address this problem. Our very own Financial Intelligence Unit -the Anti-Money Laundering Council - should be allowed to carry out its mandate using international standards," Sen. Guingona said during the sponsorship speech at the Senate.
The bill expands the covered institutions and individuals for money laundering which will include foreign exchange corporations, money changers, remittance center and similar establishments, pre-need companies, casinos, real estate agents, and precious stones and metal dealers.
One of the unlawful activities that will be penalized under the proposed measure is terrorism, including the conspiracy to commit terrorism.
Sen. Guingona, who champions transparency and accountability in government service, said that lawmakers have the obligation to ensure that the country's laws address the public interest and that these are strong enough to prevent the nation from being used as haven for money launderers and terrorists.
"When we signed international commitments against money laundering and terrorism, we committed to establish the proper legal framework to support such commitments," he added.
The said bill, Sen. Guingona stressed, is an important step in generating the necessary political will to bring about relevant and necessary legislative reforms to combat money laundering.
The Reforms Advocate insisted that stronger laws against money laundering and criminalizing terrorist financing are logical steps that the government must take in order to give life to the country's international commitments.
The proposed bill likewise enumerates the predicate offenses that will include bribery, frauds and illegal exactions, malversation of public funds and property, forgeries and counterfeiting, and violations of the Anti-Trafficking in Persons Act of 2003.
Senator Guingona stressed that the proposed bill will strengthen and correct the shortcomings of the existing law and go after the money launderers, and similar offenders.
Thursday, May 16
Wednesday, May 15
Tuesday, May 14
Monday, May 13
Sunday, May 12