Halister News

(Bloomberg) -- Nation’s Anti-Money Laundering Council must have power to immediately freeze suspicious accounts and must have authority to inquire into bank deposits for all predicate crimes without court order, SEC Chairman Teresita Herbosa tells reporters in Manila.

• NOTE: When anti-money laundering law was passed in 2001, council had authority to freeze for up to 15 days accounts linked to unlawful activity; council may also examine deposits with court order http://goo.gl/hIhbDp
• NOTE: In 2002 amendment, council required to seek Court of Appeals approval to freeze any monetary instrument or property and allowed inquiry without court order for certain crimes http://goo.gl/UXyeXW
• Nation also needs to expand list of entities required to report suspicious transactions, says Herbosa, who’s also member of council
• NOTE: Casinos, property sector, art collecting sector must be included on list of covered institutions, Senator Serge Osmena said March 2 Link
• Philippines investigating how funds allegedly stolen from Bangladesh central bank entered its financial system, has done more to strengthen its anti-money laundering law compared with other countries, SEC chairman says
• NOTE: $1 Billion Plot to Rob Fed Accounts Leads to Manila Casinos Link
• “Not all countries have the same level of progress when it comes to passing all these anti-money laundering laws. I would say the Philippines is almost there on the top tier,” Herbosa says
• “I doubt if they would say that we are that severely lacking in anti-money laundering measures,” she says referring to Financial Action Task Force
• Philippines has “high-level cooperation” with other countries vs money laundering
• This case could encourage lawmakers to amend, strengthen law; “a very good stimulus for everyone to seriously consider who should and who should not be covered”
• NOTE: Senate invited members of council including central bank Governor Amando Tetangco, bank executives like Rizal Bank President Lorenzo Tan and certain individuals for scheduled hearing on March 15, 1:30pm local time
• NOTE: President Benigno Aquino must expedite signing into law of approved bill creating Department of Information and Communications Technology that will help protect banking system from hackers, Senator Ralph Recto said http://goo.gl/GIFgrJ