Higher AMLC budget sought

A priority of the Senate when the 16th Congress opens on July 22 is to address deficiencies in the fight against money laundering.

The Paris-based Financial Action Task Force and the US State Department have found the government’s efforts weak, Sen. Teofisto Guingona III, Senate subcommittee on amendments to the AMLA chairman, said.

According to Guingona, the first step in strengthening efforts against money laundering is to increase the budget of the Anti-Money Laundering Council (AMLC).

“We have to up the budget of the AMLC. It’s not very big,” he said.

“I don’t know how much it is right now, but I do remember that when we were discussing it on the ßoor, there was a proposal that 25 percent of all money that will be taken from forfeited assets to the government should be given to the AMLC. But it was not approved.”

A lot more has to be done to make the Philippines fully compliant to the international standards on anti-money laundering, he said.

Congress also must work on increasing the budget of the AMLC during the hearings on the general appropriations bill, to address “personnel and training capabilities,” he said.

“It’s a very technical field. And so you need to constantly train your people so you can upgrade your capabilities.”

Guingona said he will reintroduce the inclusion of casinos in the coverage of the AMLA.

“I think we can ventilate it some more this time because there are more industry players now and therefore we can start the hearings and what their views are but definitely, in other countries, there are anti-money laundering requirements in the casinos,” he said.

“We have to see how we can also comply with the requirements.”

It was one of FATF’s many requirements in reviewing the compliance of the Philippines to the international standards on anti-money laundering.