Manila Rep. Jaime Lopez, chairman of the House committee on banks and financial intermediaries, said his panel as well as the committees on economic affairs and justice are now preparing the final draft of the measure — a consolidation of nine House bills — which will be submitted for plenary debate when Congress resumes session on Sept. 24.
"The committee report on the proposed bill will be out next week," Lopez said.
Highlights of the consolidated measure are the provisions on penalties for money laundering and the creation of a task force that will investigate suspicious bank transactions.
Lopez said the anti-money laundering task force will be composed of representatives from the Department of Finance, Bangko Sentral ng Pilipinas and the Securities and Exchange Commission who will determine suspicious bank transactions and report it to the Monetary Board. The board will then vote to declare the transaction illegal.
The consolidated measure will also require banks to report to the task force all transactions by suspicious individuals or organizations involving at least P10 million.
Lopez explained that the proposed bill will not in any way violate the Bank Secrecy Law since the anti-money laundering task force will have to go through numerous processes, including getting a court order, before it can look into suspicious bank accounts.
The pending measure provides stiff penalties such as six to 20 years imprisonment on any bank or person convicted of money laundering or helping others to hide ill-gotten wealth.
Lopez said the government is determined to pass the measure even without the Sept. 30 deadline set by the Paris-based Financial Action Task Force which has included the Philippines in its list of uncooperative countries when it comes to moves to fight money laundering.
At the Senate, Sen. Blas Ople vowed to work for the immediate ratification of a United Nations treaty against transnational crime.
Ople, who chairs the Senate committee on foreign affairs, said the ratification of the UN Convention Against Transnational Organized Crime would show the Philippines’ commitment to fight international crime syndicates and money-laundering activities.
"I hope the swift passage of the treaty would help assuage fears abroad that the Philippine government condones money laundering," he said.
The UN treaty calls for international cooperation in the hunt and prosecution of transnational criminals and the granting of assistance to victims. An offense is considered transnational if it is committed in more than one country or if it has substantial effect on another nation.
Ople said his committee would hold its first hearing on the UN treaty next Friday. – Perseus Echeminada, Efren Danao