The Anti-Money Laundering Council (AMLC) has expressed support to a proposed law by Sen. Franklin Drilon for the amendment of the Anti-Money Laundering Act (AMLA), particularly the revocation of bank confidentiality rule on accounts pursued by government.
Senate Bill 3009 aims to give the government the power to examine bank accounts deemed suspicious ex parte, or without prior notice to the affected parties.
“If you are conducting an investigation would you want to give advance notice to the person subject of your investigation. What are you doing? It’s plain common sense, as an investigator you don’t telegraph your punches,” said AMLC executive director Vicente Aquino over the weekend.
“Otherwise you won’t be able to run after criminal proceeds. In an instant, suspect would withdraw bank deposits without a chance for us to freeze those,” he added.
Under the proposed law, the AMLC would be allowed to secure a freeze order on questioned accounts even prior to hearing in court for judicial determination of probable cause on the alleged crimes.
Aquino admitted their agency needs help in running after money launderers and plugging loopholes in the law.
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