Archive for August, 2011

Philippines’ Senate to amend Anti-Money Laundering Act to cover terrorism

Friday, August 19th, 2011

On August 18, Philippines’ Anti-Money Laundering Council Chief Vicente Aquino asked senators to amend the law so that terrorist financing was classified as a distinct crime.

Appearing before a hearing of the Senate Finance Committee, Aquino stated that there was a need to amend the existing Anti-Money Laundering Act (Amla) in order to enable the Philippines to comply with international standards. Currently, the Philippines is classified in the group of countries whose laws and institutions are vulnerable to money laundering.

The proposed Amla amendment would make the Philippines fully compliant with the OECD, which sets the rules in international monetary system.

India’s authority pursuing 1269 money laundering cases

Friday, August 12th, 2011

Under the provisions of the existing anti-money laundering legislation, the India’s Enforcement Directorate is pursuing 1 269 cases. The government is mulling amendment and strengthening of the Act aimed to combat terrorist financing and other suspect transactions.

According to Indian Minister of State for Finance S S Palanimanickam, of the 1 269 cases registered as on March 31, 2011, 11 cases fall under the Unlawful Activities (Prevention) Act, on account of their suspected connection with terrorist financing. He said: “The number of money laundering cases registered by the Directorate of Enforcement under the PMLA has increased from 1 014 cases as on March 31, 2010, to 1 269 cases as on March 31, 2011, based on Scheduled Offences registered and reported by the concerned agencies”.

Palanimanickam said: “The government is proposing amendments to the Prevention of Money Laundering Act. The proposed amendments are at a draft stage and are yet to be finalised”.

He added that India is a member of the Financial Action Task Force (FATF), the Asia/Pacific Group on Money Laundering (APG), the Eurasian group on combating money laundering and financing of terrorism and the Egmont Group of Financial Intelligence Units.