Last of AMLA bills to be passed in October

MANILA, Philippines - Malacañang hopes the passage of two of three anti-money laundering bills in Congress would be enough to convince the Paris-based Financial Action Task Force (FATF) not to put the Philippines on its blacklist. “We hope that this would be considered by FATF as substantial compliance. Hopefully that would be appreciated. We hope to pass the other bill sometime before October,” presidential spokesperson Edwin Lacierda said.

He was referring to Senate Bill 3123 which seeks to expand the list of unlawful activities and predicate crimes to include terrorism and conspiracy to commit terrorism, bribery, fraud, malversation of public funds and property, forgeries and counterfeiting and tax evasion.

Before it adjourned last Wednesday, the Senate approved on third and final reading Senate Bill 3127 or the terrorist financing prevention and suppression measure, and SB 3009 which aimed to allow authorities to examine suspicious accounts upon court order but even without notifying holders of such accounts.

Session resumes on July 23, when President Aquino delivers his third State of the Nation Address.

The impeachment trial of former chief justice Renato Corona had taken much of the Senate’s time since Jan. 16. It handed down a guilty verdict on May 29.

The Senate has deferred action on SB 3123 due to numerous opposition to some of its provisions.

Senators, meanwhile, said they couldn’t tell if the approval of the two measures would suffice to spare the Philippines from the FATF blacklist.

The Anti-Money Laundering Council headed by Vicente Aquino would be asked to explain to the FATF the efforts being exerted by the government to address money laundering and terror financing.

Under SB 3127, any person who provides, collects or uses property or funds to carry out or facilitate the commission of a terrorist act would face a long prison term and P500,000 to P1 million in fines.

Conspiracy to provide terrorist financing was also included as a crime in the bill.

Properties or funds found used for terrorist financing or terrorist acts would be subject to civil forfeiture proceedings.