AMLC wants powers expanded by Congress

The council tasked to run after individuals involved in money laundering is urging Philippine lawmakers to expand the range of reporting entities to include lawyers and artwork dealers. This was according to the Anti-Money Laundering Council’s compliance and investigation group head Richard David Funk II, saying the body is now working with Congress to “to cover possible loopholes in the law." Anti-money laundering regulations do not cite lawyers and artwork dealers as covered entities under the Anti-Money Laundering Act of 2001 (AMLA), he said in a press briefing Monday “We are proposing the mandatory reporting by lawyers of any suspicious transactions of their clients. Many European jurisdictions now impose this requirement on its lawyers," Funk said. Lawyers, he said, are among those that have been exempted from the list of reporting institutions whose dealings with clients must be in keeping with requirements set under AMLA. “We are also working on expanding the predicate crimes or unlawful activities resulting in the derivative offense of money laundering from activities such as dealings in precious metals, precious stones, real estate, casinos and even internet-based casinos," he added. The council is also seeking power to inquire into or investigate bank accounts on its own without need of a court order. At present, a Supreme Court ruling requires the council to first get a court order that could be granted only after an adversarial proceeding and the person whose account is being sought for inquiry may contest the council’s investigations. “Unfortunately, such a requirement ties the hand of the [council] in developing a money laundering case as the requirement to first inform the account owner of an investigation could tie it up in litigation for years. It therefore stalls, rather than expedite, its mandate to investigate money laundering," he lamented. According to Funk, the body has already forwarded a copy of the proposed amendments of AMLA to Senate President Juan Ponce Enrile and House Speaker Feliciano Belmonte Jr. "These proposed amendments should minimize, if not eradicate, money laundering activities of criminal elements and their associates that allow them to corrupt and undermine the legal process," he said. —JE/VS, GMANews.TV