Senate panel OKs inquiry into bank deposits without owner's permission

The Senate sub-committee on Anti-Money Laundering Law Amendments has agreed to amend a provision in the law which would allow the Anti-Money Laundering Council (AMLC) examine suspicious bank deposits even without the permission of the account owner. "Dapat pwede maging mag-inquire ang AMLC sa mga bank deposits na walang pahintulot sa may-ari, pero kailangan din kumuha sila ng pahintulot sa korte," said Sen. Teofisto Guingona III, who headed Thursday's hearing on the proposed amendments to the Anti-Money Laundering Act or Republic Act 9160. Section 11 of RA 9160 says that "the AMLC may inquire into or examine any particular deposit or investment with any banking institution or non-bank financial institution upon order of any competent court... when it has been established that there is probable cause that the deposits or investments are related to an unlawful activity." However, the AMLC must inform account owner that the council will be looking at certain dubious deposits made to their accounts. Guingona said this is the reason why former military comptrollers Maj. Gen. Carlos Garcia and Lt. Gen. Jacinto Ligot, managed to withdraw P128 million and P700 million, respectively, before their accounts were frozen. Requiring courts to decide Apart from this, Guingona said they have also approved an amendment to the AMLA that would require courts to decide within 24 hours whether or not to issue a freeze order upon request of the council. "In the law that we're going to draft that the courts have to make a decision, yes or no, basta make a decision within 24 hours," he said. Prior to this, the AMLC had asked the Senate to give them back the power to issue freeze orders which the senators thumbed down. "Labag sa basic principle nga… that there is a check and balance under our Constitution lalung-lalo na when you infringe upon the rights of individual citizens and lalo na when you go on the bank account of private citizens that is their private property," said Guingona. Section 10 of RA 9160 says that "the Court of Appeals, upon application ex parte by the AMLC and after determination that probable cause exists that any monetary instrument or property is in any way related to an unlawful activity... may issue a freeze order which shall be effective immediately. The freeze order shall be for a period of twenty days unless extended by the court." Guingona said they will draft the amendments in two weeks, which will later on be presented to the plenary. — VS, GMA News