Wednesday, September 29, 2010  

http://www.manilastandardtoday.com/insideMetro.htm?f=2010/september/29/metro2.isx&d=2010/september/29

SENATOR Sergio Osmena III wants the coverage of the Anti-Money Laundering Law expanded to include non-financial businesses like casinos, and professionals such as jewelry dealers and real estate agents.

Osmena, chairman of the Senate Committee on Banks and Financial Institutions, filed Senate Bill 2484 which seeks to require these entities to report transactions worth P500,000 or more to the Anti-Money Laundering Council as well.

Osmena’s proposal will also include lawyers, notaries, and other independent legal professionals and accountants as among those covered by the law when they prepare or carry out transactions for their clients concerning the buying and selling of real estate and businesses, as well as contributions to companies.

At present, financial institutions such as banks, insurance companies, and securities dealers and brokers are required to regularly report transactions worth P500,000 or higher to the AMLC.

They are also required to report transactions that they deem as suspicious regardless of the amounts involved.

The proposed amendments to the law come in the heels of revelations that jueteng money was being laundered through the trade in jewelry, real estate, and works of art, or in casinos.

Jueteng is already one of 14 unlawful activities included in the Anti Money Laundering Law. Osmena wants to expand the number of unlawful activities to 29.

This means proceeds from the activity can be frozen and forfeited in favor of the state.

On Monday, the AMLC announced that it was probing large transactions involving expensive artworks, jewelries and luxury items bought by individuals suspected of laundering money from the Philippines.

Reports claimed jueteng lords were using “creative methods” of laundering billions of pesos such as buying artworks and auctioning off those items in Hong Kong or Singapore.