AMLC asks Senate to amend PHL anti-money laundering laws

The Anti-Money Laundering Council (AMLC) on Tuesday asked the Senate to institute the "long overdue" amendments on Republic Act 9160 or the Anti-Money Laundering Act (AMLA) of 2001. "Based on the experience of the AMLC, sheer determination and dedication alone would not be enough to win the fight against money laundering and terrorist financing. The AMLC needs from the Congress a potent legal weapon for combatting (these crimes)," said ALMC executive director Atty. Vicente Aquino during Tuesday's Senate hearing on the possible amendments to R.A. 9160. He said they want the definition of money laundering to be expanded to incude not only the transaction of criminal proceeds but also the possession, use, transfer, acquisiton, concealment, conversion and disguise of the proceeds — like what is reflected on Senator Sergio Osmeña III's Senate Bill 2484. "We really need these amendments to the AMLA to enable the Philippine government through the ALMC and other relevant government agencies be effective in fighting the evils of money laundering, its predicate crimes as well as terrorist financing," he said. He explained that the ALMA is "incomplete" or suffers from some "deficiencies" because under it, persons concealing, transporting or disguising without transacting criminal proceeds may not be held liable for money laundering. "This is also an identified legal deficiency," he said. Aquino said that in almost all jurisdictions, money laundering would include the mere possession, use, transport or movement of the criminal proceeds from one place to another. He added that in other countries, mere possession or "dealing" with the proceeds of predicate crimes to money laundering already opens that person to investigation and prosecution for money laundering. Senator Franklin Drilon, chairman of the Senate finance committee, asked Aquino to "demonstrate" in the next hearing how the proposed amendments will specifically help the AMLC based on their previous cases. As of posting time, the Senate hearing was ongoing. — Kimberly Jane Tan/RSJ, GMA News