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House of Representatives Anti-Money Laudering Law another Moro-moro?

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In the news item:
Anti-laundering bill passed by
House won't wash, say experts
Posted: 0:11 AM (Manila Time) | September 28, 2001
By Elena R. Torrijos, Volt Contreras and Christine Avenda?o\
Inquirer News Service
(Excerpts at end of this post)

It seems that our legistlators are trying to get pass by the international comunity another one of its shenanigans.

Because of the threat of sanctions, the House of Representatives passed their waterd down version of an anti-money laundering bill, which actually is a way of complying to the demands of the internaitonal community withou really complying.

Time and time again, members of the House of Representatives, mostly elected to their positions by either popularity, harassment of voters, buying votes, etc. and not due to their comprehension of law and knowledge of right and wrong and of what is moral and ethical.

The watered down anti-money laundering considered only 4 out of the proposed list of 22 (Philippines list, 22; internationally there 40 crimes are considered ) crimes considered as sources of money laundering. The four considered are: drug trafficking, kidnapping for ransom, graft and corruption, and "felonies of similar nature in other countries".
Noticed that the last one is some sort of cover all loophole. Its interpretation can be as wide as what one would want it to be.

What is interesting is not the four the bill would consider as sources of money laundering. Take a look at the list of what was not included: plunder, tax evasion, trade monopoly, fraud, swindling, white slavery, illegal gambling, smuggling, human trafficking, and illegal recruitment.

Anybody noticed anything? All those that are not included in the bill are crimes which most of out government officials are once or more times charged of committing!
Dirty rotten scoundrels all of them!
When it comes to accounting of what these public officials have really done for the country and what kind of service they are giving to the Filipino citizens, they are really wanting in every sense of the word.
"Tinimbang ka ngunit kulang!" seems to apply to most if not all of them!


When the Philippine government should lose face because" the Financial Action Task Force (FATF), the anti-money-laundering watchdog of the leading industrialized countries had earlier put the Philippines, Russia and Nauru on a shortlist of the most uncooperative countries in the global combat against money laundering", still our legistlators have the audacity to come up with a watered down anti-money laundering bill.

The FATF, composed of 29 developed countries, threatened to impose countermeasures against the three countries unless anti-money-laundering legislation was put in place.

The action of the House of Representatives just goes to show how they can prostitute their official capacity just to protect their individual interest, past, current and future. The Philippines do not need such officials!

A banker asked: "What kind of signal to the international community are we giving when we do that?" the banker said.

That legistlators we elect are a sorry bunch of racketeers licensing themselve to commit crimes, that's the signal we are sending!

Anti-laundering bill passed by
House won't wash, say experts
Posted: 0:11 AM (Manila Time) | September 28, 2001
By Elena R. Torrijos, Volt Contreras and Christine Avenda?o\
Inquirer News Service

It may buy time

THE ANTI-money-laundering bill that the House of Representatives has passed is likely to be rejected by the Financial Action Task Force (FATF), the anti-money-laundering watchdog of the leading industrialized countries, .....international community, bank and justice officials said Thursday.

.......

From a proposed list of 22 crimes to be considered as sources of laundered money, House Bill 3083 ended up covering only four: drug trafficking, kidnapping for ransom, graft and corruption, and "felonies of similar nature in other countries".

Scrapped from the list were plunder, tax evasion, trade monopoly, fraud, swindling, white slavery, illegal gambling, smuggling, human trafficking, and illegal recruitment.
........

The FATF had earlier put the Philippines, Russia and Nauru on a shortlist of the most uncooperative countries in the global combat against money laundering.

The FATF, composed of 29 developed countries, threatened to impose countermeasures against the three countries unless anti-money-laundering legislation was put in place.
............

Ramon Esguerra, who has been coordinating with Congress on behalf of the executive inter-agency, pointed out that many features of the House and Senate versions fell short of international anti-money-laundering standards as contained in the list of 40 anti-money-laundering recommendations of the FATF.
..............
A bank official lamented the inclusion of Ilocos Representative Imee Marcos-Manotoc and Manila Representative Mark Jimenez, a fugitive from US justice, in the bicameral committee.

"What kind of signal to the international community are we giving when we do that?" the banker said.

Comments

  • That's "Buhay Pilipino" !

    Even GMA, who is holding the highest position in the land has this reaction when FATF had threatened to impose economic sanctions on the Philippines if an anti-money laundering law is not enacted.

    "The President, for her part, urged critiics of the anti-money laundering bill to wait for the reaction of the FATF, specifically the moment the measure begins to take effect."

    Can you believe her? "...wait for the reaction of the FATF, specifically the moment the measure begins to take effect." that's what she said!

    That is the most reactive position if I ever heard one. A good leader must be pro-active! A President like her should shed all the trappings of bad Filipino habits, like the "subukan-muna-natin-kung-makalulusot,-kung-hindi,-e-di-saka-natin-gawin-'yung-hinihiling-nila,-kung-makalulusot-tayo-sa-una-pa-lang,-mas-lalong magaling!" attitude.

    Isa pang halimbawang ng masamang kaugaliang Pilipino ay ang pagwawalang bahala sa maaring isaloob ng isang asawa. Katulad noong isang asawang babae na pinagsabihan ng kaibigan niya na huwag papasok sa mga transaksyon na kinapapalooban ng malaking halaga ng pera. Ang tugon ni babae ay: "Hindi natin sasabihin sa Mister ko, kung ano ang hindi niya alam, hindi siya masasaktan."
    Sabi ng kaibigan, "Pero sa katagalan malalaman din yan ng iyon asawa"
    Paliwanag ni babaeng baluktot and pangagatuwiran: "Oo na, sa katagalan pwede niyang malaman. Pero ano pa ang magagawa niya, nandoon na 'yon. Kaya lusot pa rin tayo."
    Lahat ng pwedeng pagsimulan ng sama ng loob ay 'yan ang katwiran ng nanaeng asawa kuing bakit lahat ay inililihim niya sa Mister niya - basta habang hindi alam ng mister niya, walang gulo, pag nalaman sa katagalan, huli na para mahadlangan siya ng miater niya.

    Marami pang mga pang-karaniwang pangyayari sa buhay pilipino na "subukan kung makalulusot" ang pina-iiral na katwiran. Pati Presidente ng Pilipinas ay hindi ligtas sa ganyang nakasusuklam na ugali!
  • Wala na 'ata ni isang matinong kaluluwang natitira sa Pilipinas. Kinakailangan pang mga dayuhan ang magtuwid sa ating mga pagkakamali. Para tayong batang paslit na hindi marunong umunawa ng tama at mali. Parang walang pinag-iba ito sa daang-taon nakalipas nung tayo'y unang datnan ng mga dayuhan taga kanluran na hindi pa sibilisado. Ang katagang 'kahihiyan' ba ay tuluyan ng naglaho sa ating bokabularyo?

    I have a feeling that if they pass this Anti-Money Laundering Bill at it's present form with the approval of Pres. Arroyo could very well spark another social unrest.

    This will be a test of GMA administration's resolve to root out the cause of corruption that literally had brought down our country into it's knees.
  • Originally posted by p.i.joe

    I have a feeling that if they pass this Anti-Money Laundering Bill at it's present form with the approval of Pres. Arroyo could very well spark another social unrest.

    This will be a test of GMA administration's resolve to root out the cause of corruption that literally had brought down our country into it's knees.

    Another social unrest is not what the Philippines need. But all signs are pointing to it - the increasing trade deficit, the budget overruns, sanction threats. The anti-money laundering bill do not guarantee that the Philippines will be taken off the black list and sancions can be unofficially made against the Philippines by private corporations who would on their own refrain from making business with the Philippines. With sentiments running high against terrorism, the failure of the Philippines to put a stop to local terrorism with suspected connections with Osama bin Laden, do not gain points for the Philippines in the eyes of some western countries.

    Hindi ako sang-ayon sa sinabi mo na -
    "Para tayong batang paslit na hindi marunong umunawa ng tama at mali. "

    Dahil MASAHOL pa sa batang paslit na hindi marunong umunawa ng tama at mali ang ilan nating may hawak ng posisyon sa gobyerno. And batang paslit ay natututo, subalit karamihan sa ating opisyal ay patuloy at pa-ulit-ulit na ginagawa ang kanilang katarantaduhan. Eto namang si masa, pareho din. Sige sa pagboto sa mga walang katangian para maluklok sa pwesto.

    Kaya nasaan tayo ngayon? Kasama na tayo sa listahan ng mga mga masasamang bansa! Ang anti-money laundering law ay simula pa lamang ng mga batas na ipatutupad ng Pilipinas dahil ipinag-uutos ng mga ibang bansa! Diyan tayo naroron ngayon.
    Nawala na ang dating isinisigaw ng atin mga pulitiko, na "Walang ibang bansa ang makapagsasabi sa atin kung ano and dapat nating gawin!" Nilunok na nila ang kanila pagmamataas ngayon.
    Dahil sa ano? Dahil sa dolyar! Dolyar ang simula ng lahat. Naging depende ang ating ekonomiya dahil umasa na lang ang Pilipinas sa mga padala ng mga overseas workers! Sa halip na mag-develop ng mga mahuhusay ng industries dito sa Pilipinas, pamumulitika ang inatupag. Bawat sandali sa buhay ng Pilipino at ng mga mambabatas ay nauuwi sa pamumulitika. Ginawang home industry and pagpapadala ng mga atay at atsoy sa ibang bansa. Umabot ang pagka-depende natin sa mga padalang dolyar ng pagsabihan ni GMA ang mga OFW na huwag kayong uuwi sa Pilipinas, magpadala na lamang kayo ng dolyar!
    Kaya ng takutin ng international community ang Pilipinas, na kung hindi magpapalabas ng anti-money laundering law mapapanganib ang mga padalang dolyar!
    Darating ang panahon, na magpapaligsahan kung sino ang unang makakaalis sa Pilipinas, ang mga mamamayan o ang mga mambabatas! Ngayon pa lang hind mapigilan ang paglikas sa ibang bansa ng mga suspected na money lauderers!
  • The House of Representatives has approved on third and final reading a bill strengthening the anti-money laundering law to make it compliant with international standards and a more effective tool against terror financing.

    The passage of the measure came as both chambers of Congress were investigating allegations of massive corruption in the Armed Forces involving “conversion” of hundreds of millions of pesos in budgetary allocations by generals and military finance officers.

    The House has wrapped up its probe on the matter while a parallel investigation in the Senate is still ongoing.


    http://www.philstar.com/Article.aspx?articleId=671524&publicationSubCategoryId=63

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