PHILIPPINES: ANTI-MONEY LAUNDERING BILL IS PASSED AVOIDING DAMAGING SANCTIONS FROM THE INTERNATIONAL COMMUNITY
Record ID:
647765
PHILIPPINES: ANTI-MONEY LAUNDERING BILL IS PASSED AVOIDING DAMAGING SANCTIONS FROM THE INTERNATIONAL COMMUNITY
- Title: PHILIPPINES: ANTI-MONEY LAUNDERING BILL IS PASSED AVOIDING DAMAGING SANCTIONS FROM THE INTERNATIONAL COMMUNITY
- Date: 29th September 2001
- Summary: MANILA, PHILIPPINES (SEPTEMBER 29, 2001) (REUTERS - ACCESS ALL) 1. VARIOUS OF CEREMONY WITH PRESIDENT GLORIA MACAPAGAL ARROYO SIGNING THE ANTI-MONEY LAUNDERING BILL. (10 SHOTS) 0.43 2. SCU (SOUNDBITE)(English) ARROYO, SAYING: "With this anti-money laundering law, we can expect to hit drug syndicates where it hurts the most -- their pockets. Criminal groups like Abu Sayaff, brazen their exploits of kidnap for ransom, with this law provides mechanisms to freeze dirty money, prevent its use and fast dissipation, we hope to make further headway in our fight against kidnap for ransom syndicates." 1.10 3. VARIOUS OF CONGRESS MEN AND WOMEN SEATED AT THE PRESS CONFERENCE LISTENING TO THE PRESIDENT'S SPEECH 1.14 4. SCU (SOUNDBITE)(English) ARROYO SAYING: "From U.S. President Bush to the filippino people, and especially to both the administration and opposition legislators, he asked me to thank you all, for the broad and bi-partisan support on the Philippines, especially the Philippines Congress and Senate, to the international war against terrorism. And its a great time to give you thanks because of your passage, very timely passage, of a good anti-money laundering bill, one that satisfies the requirements of the international community." 1.51 5. WIDE CLAPPING 1.54 6. SCU (SOUNDBITE)(English) HOUSE SPEAKER JOSE DE VENECIA SAYING: "President Bush has warned against this evil empire of terrorist and narcotic syndicate, and he would like us, as we indeed would like to help him, destroy the financial infrastructure of terrorist community around the world. At least, it removes the Philippines off the watch list of the (Paris-based) FATF (Financial Action Task Force) or the community of twenty-nine nations that are watching the movement of money launders in Asia, in Europe, Latin America and Africa, around the world" 2.39 7. VARIOUS ARROYO POSING FOR A PHOTO OPPORTUNITY 2.47 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 14th October 2001 13:00
- Keywords:
- Location: MANILA, PHILIPPINES
- Country: Philippines
- Reuters ID: LVA4PQXCVI3A9ZWU8Y45TO31XMZ1
- Story Text: The Philippines has passed an anti-money laundering
bill avoiding damaging sanctions that would have been slapped
on the country if it had missed a September 30 deadline.
In a brief ceremony, Presidential Gloria Macapagal
Arroyo signed the bill into law at the Presidential palace on
Saturday (September 29).
In a Palace statement Arroyo praised Congress for its
"patriotism and unity." in approving the bill.
"With this anti-money laundering law, we can expect to hit
drug syndicates where it hurts the most -- their pockets," she
said.
Arroyo added that U.S. President Bush wished to thank
administration and opposition legislators for approving the
bill.
"He (U.S. President Bush) asked me to thank you all, for
the broad and bi-partisan support on the Philippines,
especially the Philippines Congress and Senate, to the
international war against terrorism," she said.
The Paris-based Financial Action Task Force (FATF) had
given the country until Sunday to enact a law or face counter
measures that would have caused costly delays to bank and
trade transactions as well as hampering foreign investment.
The Philippines has been on a FATF blacklist of nations
deemed as "uncooperative jurisdictions" on money laundering.
Earlier on Saturday both chambers of Congress ratified
the bill after a bicameral committee had worked into the early
hours of the morning to reconcile two draft versions.
"President Bush has warned against this evil empire of
terrorist and narcotic syndicate, and he would like us, as we
indeed would like to help him, destroy the financial
infrastructure of terrorist community around the world," said
House Speaker Jose de Venecia.
"At least, it removes the Philippines off the watch list
of the (Paris-based) FATF (Financial Action Task Force) or the
community of twenty-nine nations that are watching the
movement of money launders in Asia, in Europe, Latin America
and Africa, around the world," he said.
The need to pass a bill had been given added impetus by
U.S. President George W. Bush's vow to crack down on money
laundering and to strangle the financial lifelines of
terrorists.
Earlier this week Bush released a list of persons and
organisations whose assets in the United States have been
ordered frozen.
The list included the Abu Sayyaf rebel group which has
been involved in kidnap-for-ransom activities in the southern
Philippines over the past two years.
Under the terms of the law, an anti-money laundering
council will be set up with the power to freeze funds or
property thought to come from illicit sources, although a
court order would still be required to probe suspicious
accounts.
The threshold for examining such accounts or
transactions has been set at four million pesos ($78,000).
Unlawful activities covered by the bill include plunder,
kidnapping, graft and corruption, illegal trade of narcotics,
crimes by terrorists against non-combatant private
individuals, and similar acts like hijacking, arson and
robbery.
The council will be composed of the governor of the
central bank as chairman, with the commissioner of the
Insurance Commission and the head of the Securities and
Exchange Commission
as members.
The Philippines is the last of three countries to comply
with a FATF order to pass an anti-money laundering law by
September 30.
Russia had the deadline lifted after it enacted
legislation back in July, while the tiny Pacific Island of
Nauru has been given until November 30 to fine tune its
existing law in line with FATF requirements.
awa/sr
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