Duterte wants stronger anti-money laun­der­ing law

The Manila Times - - Front Page - CATHER­INE S. VA­LENTE

PRES­I­DENT Ro­drigo Duterte has cer­ti­fied as ur­gent the pas­sage of the bill that will strengthen the Anti-Money Laun­der­ing law.

In his let­ters to Se­nate Pres­i­dent Vi­cente Sotto 3rd and Speaker Lord Allan Ve­lasco on Fri­day, Duterte cer­ti­fied as ur­gent Se­nate Bill 1412 and its coun­ter­part bill in the House, House Bill 6174, which seeks to strengthen Repub­lic Act (RA) 9160 or the “Anti-Money Laun­der­ing Act of 2001.”

The Pres­i­dent said he wanted the im­me­di­ate pas­sage of the mea­sure for the Philip­pines “to com­ply with le­gal stan­dards for anti-money laun­der­ing and coun­tert­er­ror­ism fi­nanc­ing, as es­tab­lished by rel­e­vant in­ter­na­tional bod­ies.”

Un­der RA 9160, the State is man­dated to pro­tect and pre­serve the in­tegrity and con­fi­den­tial­ity of bank ac­counts and to en­sure that the Philip­pines will not be used as a money laun­der­ing site for the pro­ceeds of any un­law­ful ac­tiv­ity.

RA 1405, mean­while, for­bids the dis­clo­sure of or in­quiry into de­posits with any bank­ing in­sti­tu­tion, un­less the de­pos­i­tor gives per­mis­sion, or a com­pe­tent court or­ders the ex­am­i­na­tion of bank ac­counts.

“Such com­pli­ance will avoid ad­verse find­ings against the coun­try which could lead, among oth­ers, to in­creased costs of do­ing fi­nan­cial trans­ac­tions, to the prej­u­dice of the busi­ness sec­tor and our over­seas Filipino work­ers,” Duterte said in his let­ter to Congress.

Bills cer­ti­fied as ur­gent are ex­empt from a rule re­quir­ing law­mak­ers to study the

mea­sure for at least three days be­fore vot­ing on it.

This is the third time this week that the Pres­i­dent cer­ti­fied bills as ur­gent.

On Wed­nes­day, Duterte cer­ti­fied as ur­gent a bill seek­ing to grant the coun­try’s chief ex­ec­u­tive pow­ers to stream­line the is­suance of li­censes and per­mits in times of na­tional emer­gen­cies.

The Se­nate ver­sion of the bill was passed on third readn

ing on Wed­nes­day. Mean­while, the House coun­ter­part bill was passed on Fri­day.

Duterte had met with Se­nate and House lead­ers to ask for the pas­sage of a mea­sure that would elim­i­nate red tape and cor­rup­tion in gov­ern­ment.

He of­fered to be in­vited as re­source per­son dur­ing the bill’s de­lib­er­a­tions but did not push through with his Se­nate ap­pear­ance.

The Pres­i­dent has re­peat­edly ex­pressed frus­tra­tion over red tape and cor­rup­tion in gov­ern­ment.

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