• Senate tries to beat deadline in laundering

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    Racing to beat the June deadline of Paris-based Financial Action Task Force (FATF), Sen. Francis Escudero on Wednesday announced that he is ready to deliver the sponsorship speech on December 5 for the amended Anti-Money Laundering Act or Republic Act 9160.

    The lawmaker said the Senate is determined to pass the bill before the deadline or else “they might make it difficult for our overseas Filipino workers.”

    Last Monday, the committee report of the Senate Committee on Banks, Financial Institutions and Currencies, of which he is the chairman, has been signed by majority of the members.

    “We can finally be compliant with the requirements set by the FATF and we would be free from sanctions, particularly on our refusal to include casinos in the AMLA,” Escudero told reporters.

    Included in the amended AMLC law are dealers in precious metals, dealers in high value goods, real-estate brokers, lawyers and accountants acting in behalf of clients whenever they receive cash exceeding P500,000 and the casinos.

    Those using checks, instead of cash, cannot escape AMLA either. Checks are subject to reportorial requirements by the bank, making it easier to trace money laundering.

    Barring impediments, the Senate and the House of Representatives are targeting passage of the bill by the first quarter of 2017.

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    1 Comment

    1. It should be presented to the public now, and if adequate, should be passed immediately. Unless they( senators, congressmen) intentionally want to delay, until they have completed hiding their loot and ill-gotten wealth first.

      To neutralize the criminal syndicates and shady business dealings, all government institutions should perform their functions in compete teamwork and cooperation, promptly and timely, or they should all quit be fired and imprisoned. It is not only the legmen ( lowly and underpaid) that should be working and be answerable to the citizenry, but mostly these burdensome institutions who have been so useless, so wasteful, napakabigat na pasanin at walang pakinabang, pugad at utusan ng mga salot..

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