MONDAY MARCH 12, 2012 PHILIPPINES

http://www.malaya.com.ph/03122012/news6.html

The Senate committee on banks, financial institutions and currencies yesterday approved one of three bills required to keep the Philippines from being blacklisted by the Paris-based Financial Action Task Force (FATF) but its chairman said there may not be enough time to pass them into law due to the impeachment trial.

The Senate body approved Senate Bill 3123, which expands the list of predicate crimes in money laundering to include terrorism, bribery, malversation, carnapping and tax evasion.

It also expands the scope of the Anti-Money Laundering Act (AMLA) to include casinos, real estate agents, dealers in precious stones and metals, and trust and fund managers.

The bill will be tackled by the plenary next week.

Sen. Sergio R. Osmeña III, Senate committee chairman, said with only four plenary sessions to go before the start of the Lenten break, it will be unlikely that the proposed measures will be passed before the FATF’s deadline, which is end of May.

"Will we be able to enact the necessary bills needed to avoid being placed in the blacklist by May? It is possible but highly improbable," he said.

"It is not probable that we will be able to pass all three bills by the end of May and the reason is the impeachment trial which is getting in the way of our legislative work," he added. – Antonio delos Reyes