Author Topic: Senate Bill No. 3009 Will open dollar accounts without notifying depositor  (Read 1102 times)

0 Members and 1 Guest are viewing this topic.

AdGeek

  • Hero Member
  • *****
  • Posts: 660
  • Karma: +1/-0
    • View Profile
Senate Bill No. 3009 Will open dollar accounts without notifying depositor
Senate passes bill to strengthen law against money laundering
By Shielo Mendoza | Yahoo! Southeast Asia Newsroom – 13 hours ago

The Senate on Tuesday approved on third and final reading amendments to the Anti-Money Laundering Act (AMLA) including a bill seeking to allow investigation of bank accounts without the depositor’s knowledge.

The Senate on Tuesday approved on third and final reading amendments to the Anti-Money Laundering Act (AMLA) including a bill seeking to allow investigation of bank accounts without the depositor’s knowledge.

Senate Bill No. 3009, if enacted into law, will authorize an ex parte inquiry order of bank accounts which means account holders are not required to be notified when the Anti-Money Laundering Council inquire into any bank deposit.

“If you notify the depositor, the next minute, he will withdraw all those accounts. That to me is totally wrong. The authority to inquire into a bank account is nothing different from a search warrant. When you apply for a search warrant, you don't notify the owner of the place where you're going to search. This is what we seek to correct in this amendment,” Sen. Franklin Drilon, chair of the Senate committee on finance, said.

S.B. 3009 also seeks to allow courts, other than the Court of Appeals to issue freeze orders on bank accounts.

Drilon guaranteed that the right of privacy will always be observed despite the amendment.

“We should not fear that the right to privacy is violated. In fact, we incorporated it in the bill,” the senator told reporters.

The Senate, however, did not take up during Tuesday’s plenary session S.B. 3127 or the Terrorist Financing Suppression Act which aims to expand the coverage of AMLA to include terrorist financing.

S.B. 3009 was passed amid the risk that the international body Financial Action Task Force (FATF) would blacklist the Philippines without the AMLA amendments.

If blacklisted by the FATF, Philippine-based transactions would face increased scrutiny which could result to higher transaction charges and delayed remittances of Filipinos working abroad.

credits: Check it here.

PesoRepublic.com | Your smart guide to money matters and entrepreneurship.


Mountain View

CodeRepublic

  • Global Moderator
  • Sr. Member
  • *****
  • Posts: 313
  • Karma: +0/-0
    • View Profile
Diba delikado eto?


PesoRepublic.com | Your smart guide to money matters and entrepreneurship.


 

Related Topics

  Subject / Started by Replies Views Last post
0
714
Last post July 15, 2012, 03:17:18 PM
by IntraLover
2
1169
Last post August 04, 2012, 11:20:54 AM
by PinoySpecialist
0
558
Last post July 29, 2014, 08:54:59 AM
by Technopreneur101
0
748
Last post November 05, 2014, 04:15:49 PM
by AdGeek
1
816
Last post March 04, 2015, 02:20:15 PM
by GreenMoney

Posting Disclaimer: Any individual may post a message in this forum and may do so anonymously. Therefore, the sole author is exclusively and entirely responsible for all opinions in that message. They do not represent the official opinions of PesoRepublic , its administrators or moderators or the PesoRepublic Management. PesoRepublic is merely acting as an impartial conduit for constitutionally protected free speech and is not responsible and will not be held liable for the content of such messages. Community & Groups - Top Blogs Philippines