Tag: money laundering

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Lacson Bill Arms AMLC to Counter Evolving Corruption Schemes

The complex financial crimes exposed in the investigation into the corruption behind anomalous flood control projects have prompted Senate President Pro Tempore Panfilo “Ping” M. Lacson to file a bill further strengthening the Anti-Money Laundering Council (AMLC).

Senate Bill 1557, which Lacson filed on Wednesday, gives the AMLC additional powers while widening the scope of covered persons and updating the list of predicate offenses to money laundering.

“Recent corruption issues have highlighted the complexities of financial crimes. Updating the AMLA to meet the requirements of the times would also prevent us from being placed in the FATF Greylist again,” Lacson said in his bill, noting that the Philippines will be subjected to the FATF’s fifth round of global mutual evaluations in 2027.

In Filipino: Panukalang Batas ni Lacson, Dadagdagan ang Ngipin ng AMLC vs Korapsyon

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Lacson Hails BSP’s P500K Cash Limit: Bribery, Money Laundering Now Harder

Senate President Pro Tempore Panfilo “Ping” M. Lacson lauded the Bangko Sentral ng Pilipinas over the weekend for tightening the rules on large cash transactions by capping withdrawals at P500,000 per banking day.

Lacson, who chairs the Senate Blue Ribbon Committee investigating the corruption behind anomalous flood control projects, said this will make things more inconvenient for both the givers and takers of bribes.

“Salute to BSP Governor (Eli Jr.) Remolona for issuing this circular. This will make it cumbersome to deliver large volumes of cash in SOP’s, commissions and payoffs from one corrupt government contractor or influence peddler to another corrupt government official,” he said on his X account Friday afternoon.

In Filipino: Lacson: ₱500K Cash Withdrawal Cap ng BSP, Dagok sa Suhol at Money Laundering

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Ping Lacson Bill Updates, Expands Anti-Wiretapping Act to Cover Coups, Drugs, Money Laundering

Philippine authorities will get the much-needed added teeth to go against crimes including coup d’etat, robbery in band, highway robbery, drug-related offenses and money laundering, once a bill filed by Sen. Panfilo “Ping” M. Lacson is passed into law.

Lacson said that while wiretapping has been an effective tool against such “exceptional” crimes that pose a grave threat to our nation’s security, these are not covered under the present law.

“Unfortunately, there are still certain crimes that are not covered under the said exceptional cases, which put not only the lives and property of our people in paramount danger, but also pose a grave threat to our nation’s security. The peace and order situation in the country gives testament to this fact, and thus, it is imperative to revisit RA 4200 to further enhance its effectiveness,” he said in his bill titled “An Act Expanding the Scope and Coverage of Republic Act No. 4200 Otherwise Known as an Act to Prohibit and Penalize Wiretapping and Other Related Violations of the Privacy and Communication, and for Other Purposes.”

In Filipino: Panukala ni Ping Lacson, Palalakasin at Palalawakin ang Anti-Wiretapping Act Para Sakupin ang Kudeta, Droga, Money Laundering

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Lacson: Consistency vs Corruption to Restore Int’l Financial institutions’ Trust in PH

Showing consistency in fighting corruption will play a major role not only in restoring the trust of the Financial Action Task Force (FATF) and other international financial institutions, but can solve many other problems that beset our country even as we grapple with the effects of the pandemic, Sen. Panfilo M. Lacson said Monday.

Lacson said that while legislation against money laundering – especially of ill-gotten wealth – and terrorism financing is important, the key is the consistent implementation of existing laws.

“One of the reasons we were included in the FATF’s gray list in 2012 is that the FATF wanted us to address deficiencies in countering terrorist financing, among others. In response, Congress passed Republic Act 10168 or the Terrorism Financing Prevention and Suppression Act of 2012. This was further enhanced by RA 11479 or the Anti-Terrorism Act of 2020. This may, however, call for further measures such as amending our existing Bank Secrecy Act, to address a major source of corruption. What we need is to make it difficult, if not impossible, to hide or launder ill-gotten wealth. This would be a big deal in helping stop corruption,” he said.

Basahin sa TAGALOG: Ping, May Tip para Pilipinas ‘Di Uminit sa Mata ng mga Institusyong Pananalapi
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#PINGterview: Legislation vs Money Laundering

In an interview on DZMM, Sen. Lacson answered questions on possible legislation vs money laundering.

QUOTES and NOTES:
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