The task force will handle complaints and serve as a routing mechanism to students, parents and teachers from May 27 to June 7
MANILA, Philippines – The Senate on Monday, February 4, approved the last of 3 measures reinforcing the country’s Anti-Money Laundering Act (AMLA).
Senate Bill 3123 was passed in compliance with requirements set by the Paris-based Financial Action Task Force (FATF) for the Philippines to escape inclusion in its blacklist ahead of a Feb 18-22 meeting.
The explanatory note of Senate Bill 3123 said, “To be blacklisted means that the Philippines is perceived to be ‘non-cooperative’ in the global fight against money laundering and terrorist financing.”
The measure seeks to expand AMLA's definition of money laundering, the list of predicate crimes or unlawful activities, and the list of institutions covered by the law.
Its version in the House of Representatives hurdled the 3rd and final reading in December 2012. It will now go through the bicameral conference committee, where lawmakers will settle contentious provisions of the measure.
The bicam conference will be held Tuesday 1pm, February 5, at the Senate. The measure has been certified urgent by President Benigno Aquino III.
Under the bill, the definition of money laundering will include not just the proceeds of unlawful activities that were transacted but also those that were converted, transferred, disposed of, moved, acquired, possessed, used, concealed and disguised.
It wants the following institutions to be covered by the AMLA:
The bill also aims to expand the list of predicate crimes or unlawful activities to include:
President Benigno Aquino III recently signed into law 2 of the 3 proposed amendments to the AMLA – Senate Bill 3009 and Senate Bill 3127.
Senate Bill 3009 allows the Anti-Money Laundering Council (AMLC) to look into bank accounts of suspected money launderers without notifying them.
Senate Bill 3127 or the Terrorism Financing Prevention and Suppression Act criminalizes terrorist financing as an offense separate from the crime of terrorism. - with reports from Angela Casauay/Rappler.com