Tag: AMLA

On the Need to Update the Anti-Money Laundering Act

The bringing of huge sums of money in and out of the country in past months with seeming impunity indicates the urgent need for action from our government, not just by the Executive but also by the Legislative. Our authorities should keep up with, if not keep one step ahead of, criminals who are trying to do the same.

While there is need to address the corruption that is one big reason for authorities’ tolerating money laundering, there is also a need to take a long, hard look at gaps in our existing laws, including the Bank Secrecy Law and the Anti-Money Laundering Act.

On the other hand, the amendments to these laws should also make sure that they cannot be weaponized for political purposes. Speaking from experience, I have been at the receiving end of such abuse of the law by the likes of Ador Mawanay, Mary “Rosebud” Ong, Victor Corpus and the Arroyos, who prompted me to waive my rights under the Bank Secrecy Law and challenged them to withdraw all the dollars they claimed I owned. And acting from those experiences, I proposed amendments to the AMLA and filed a bill excluding all public servants from the Bank Secrecy Act.

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National ID System Tops Lacson’s Accomplishment List in 3rd Regular Session

A long hoped-for national ID system that will facilitate the delivery of basic government services while helping fight crime and terrorism.

Such a system, provided for by Republic Act 11055, is the landmark accomplishment of Sen. Panfilo M. Lacson during the first few months of the Senate’s third regular session.

RA 11055, which President Rodrigo Duterte signed into law Aug. 6, harmonizes and integrates some 33 government ID cards into a single system.

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Continue reading “National ID System Tops Lacson’s Accomplishment List in 3rd Regular Session”

#PingSays: On calls to look into President Duterte’s bank accounts, and China’s reported buildup in the South China Sea | Feb. 5, 2018

In an interview, Sen. Lacson answers questions on:
– calls to look into President Duterte’s bank accounts
– China’s reported buildup in the South China Sea

Quotes from the interview…Β  Continue reading “#PingSays: On calls to look into President Duterte’s bank accounts, and China’s reported buildup in the South China Sea | Feb. 5, 2018”

Read: Senate Resolution 468: Investigation Into Possible Violation of the AMLA by Some ‘Covered Institutions’

“Despite several amendments made to strengthen the AMLA, violations thereof have been continuously monitored. However, there are some violations that are left uncovered.”

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Lacson Bill Adds Casinos, Real Estate Brokers, Art and Vehicle Dealers to Anti-Money Laundering Act Coverage

To better equip Philippine authorities to fight money laundering, Sen. Panfilo M. Lacson has filed a bill expanding the coverage of the Anti-Money Laundering Act (AMLA) to include Designated Non-Financial Businesses and Professions (DNFBPs) such as casinos, real estate brokers, and dealers of art works and motor vehicles.

Lacson, in Senate Bill 45, said the Financial Action Task Force has noted how money launderers now use such businesses and professions to cover their illegal transactions, with the casino industry seemingly attractive for those undertaking money-laundering activities.

β€œWhile the contributions of the (casino) industry are acknowledged, it is also understood that casinos are equally exposed to the raging threats of money laundering,” Lacson said in explaining the inclusion of casinos in the AMLA’s scope.

Related:Β Lacson bill sa money laundering tutok sa casino, real estate brokers, atbp Continue reading “Lacson Bill Adds Casinos, Real Estate Brokers, Art and Vehicle Dealers to Anti-Money Laundering Act Coverage”

Lacson Bill sa Money Laundering Tutok sa Casino, Real Estate Brokers, Atbp

Ipupurisige ni Senador Panfilo Lacson ang krusada laban sa pagpasok sa bansa ng salaping kinita sa mga ilegal na aktibidad o money laundering activities.

Sa Senate Bill 45 na inihain ni Lacson na naglalayong amyendahan ang umiiral na Anti-Money Laundering Act sa bansa, dinagdagan pa ng mambabatas ang mga aktibidad na ibibilang sa mga babantayan kaugnayan sa nabanggit na ilegal na transaksiyon.

Kabilang sa mga aktibidad na imomonitor ng mga awtoridad batay sa panukala ni Lacson ay ang operasyon ng mga casino, real estate brokers, mga nagbebenta ng artworks at maging mga negosyante ng mga mamamahaling sasakyan.

Related:
Lacson bill adds casinos, real estate brokers, art and vehicle dealers to Anti-Money Laundering Act coverageΒ  Continue reading “Lacson Bill sa Money Laundering Tutok sa Casino, Real Estate Brokers, Atbp”