Archive for May, 2011

AMLC may get power to freeze suspicious bank accounts

Monday, May 23rd, 2011

According to the chairman of the Senate committee on banks, a move to give the Anti-Money Laundering Council (AMLC) the power to freeze suspicious bank accounts even without court approval may be approved at the committee level soon.

Senator Sergio Osmena III, who is also author of the bill and the chairman of the sub-committee on amendments to the Anti-Money Laundering Act, said that the approval might be in August. He said he sees a need to revise the law.

AMLC executive director Vicente Aquino insists on giving the council power to impose an “executive freeze.”

It should be reminded that, under the current legislation, the AMLC needs to inform the owner of a suspicious account that the council is investigating his finances.

15 people arrested for money laundering

Wednesday, May 18th, 2011

In an investigation into the suspected laundering of more than GBP 200 million, 15 people have been arrested across England.

To achieve this, as part of a long-running investigation, more than 250 officers from HM Revenue and Customs (HMRC) and police raided properties in Greater Manchester, Merseyside, Yorkshire and Nottingham.

According to HMRC, the activity was obviously related with money laundering.

HMRC’s deputy director for criminal investigation, Alan Lee, said that this operation was an HMRC-led investigation that targeted money laundering offences. Further details were be provided because the investigation is continuing.