RP passes money laundering bill<\/p>\n
MANILA (AFP): The Philippine Senate on Friday passed a bill
\noutlawing money laundering in an effort to help the country
\nescape sanctions from industrialized nations.<\/p>\n
Senators, working all through the night, passed their version
\nof an anti-money laundering bill shortly after midnight.<\/p>\n
The vote was passed just hours after the House of
\nRepresentatives approved their version of the anti-money
\nlaundering bill.<\/p>\n
Both chambers are due to meet to hammer out a \"reconciled
\nversion\" of the bill which they hope to ratify later Friday so
\nthat President Gloria Arroyo can sign it into law before a
\nSept.30 deadline.<\/p>\n
The Financial Action Task Force (FATF) -- a Paris-based anti-
\nmoney laundering body set up by the Group of Seven industrialized
\ncountries -- had given the Philippines until Sept.30 to outlaw
\nmoney laundering or face sanctions from its members.<\/p>\n
Senate President Franklin Drilon said the two versions of the
\nbill would easily be reconciled.<\/p>\n
The bills allow for the examination of bank accounts to look
\nfor ill-gotten gains from various crimes.<\/p>\n
Under present laws, the secrecy of bank accounts is very
\ntight, requiring a court order to open them.<\/p>\n
Drilon said the main difference between the Senate and the
\nHouse version is in the coverage of the crimes that would justify
\nopening of a bank account.<\/p>\n
The House version limits the scope of crimes to graft,
\nkidnapping and drug trafficking, and for bank accounts containing
\ndeposits of at least 5 million pesos (US$288,000).<\/p>\n
The Senate version however also includes robbery, extortion,
\nillegal gambling, piracy, smuggling, large-scale theft,
\nswindling, cyber-crimes and terrorism, Drilon said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rp-passes-money-laundering-bill-1447893297",
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