|
THE PROPOSED measure seeking to amend the Anti-Money Laundering Act (AMLA) -- one of the 23 priority measures of the administration -- will not likely to be approved before Congress adjourns next month, senators said.
Senator Sergio R. Osmeña III, chairman of the senate committee on banks, financial institutions and currencies, said they need more time to deliberate on the proposal to grant the Anti-Money Laundering Council (AMLC) executive power to freeze accounts.
"[The schedule] is a bit tight this month. Approval [of the bill at the committee] might be in August," Mr. Osmeña told reporters yesterday.
Congress adjourns its first regular session in June 9. It will resume for the second regular session on the last Monday of July.
To help the committee decide on the final form of the measure, the Justice department will submit a draft substitute bill next week, supporting AMLC’s proposal to restore its power to freeze the accounts of a suspected individual after determining probable cause that these were used in an illegal activity.
"Instead of securing a court order, the AMLC will have the power to freeze accounts, in the first instance, by themselves. This will be subject to a court review, who can say there is justifiable reason to extend the freeze or withdraw," Justice Secretary Leila M. de Lima said during the committee hearing yesterday.
Ms. de Lima reiterated the position of AMLC’s executive director Vicente S. Aquino, who said that "big accounts disappear overnight" because the current law is inadequate.
He said during the hearing that AMLC will be more equipped to go after criminals with the "restoration of power to executive freeze subject to court’s extension."
This power was removed when the law was amended with the passage of Republic Act 9194 in 2033. With the amendment, the order to freeze would now have come from the Court of Appeals, with the account holder notified before implementation.
At the House of Representatives, amendments to the AMLA have been approved by the committee on banks and financial intermediaries in February. It introduced a provision that allows AMLC to look into bank accounts without informing the account holders. AMLC, though, will still need to secure a court approval before it can freeze or inquire into bank accounts.
Sought for comment, Vicente R. Mendoza, executive director and assistant treasurer of the Rural Bankers Association of the Philippines, said that they have no opposition as long as "there are enough safeguards" and the amendments are "within reasonable limits."
"Under what conditions can the freeze order be issued? It is not clear yet," Mr. Mendoza told BusinessWorld in a phone interview.
Yesterday’s hearing was conducted to discuss Senate Bills 2848 and 2676, filed by Senators Osmeña and Edgardo J. Angara, respectively.
The bills seek to expand the scope and definition of money laundering to include the transaction of criminal proceeds, possession, use, transfer, acquisition, concealment, conversion and disguise of the proceeds of the crime. -- Noemi M. Gonzales
Source: http://www.bworldonline.com/content.php?section=Economy&title=Approval-of-AMLA-changes-to-be-stalled&id=31673
|
