PEOPLE are exasperated because of the recent issue that involves alleged illicit money from the last quarter of 2019 to March this year. This is linked to the Philippine Offshore Gaming Operations (POGO) industry.
It was identified as “suspicious” because the Anti-Money Laundering Council (AMLC) has not yet acted on it. Sen. Richard Gordon observed that the AMLC is not enthusiastic in investigating the said money inflow because the public doesn’t know where the money is going.
In one of my previous articles, I discussed the function of the AMLC. In the recent issue, it still involves the important roles of AMLC especially that it seems the government is slow in action.
Money laundering is an act or can also be series or combination of acts where the proceeds of an unlawful activity are concealed to make them appear to come from a legitimate source. This may involve cash, property, or other assets.
It is defined by law as a scheme whereby proceeds of an unlawful activity are transacted or attempted to be transacted, thereby making them appear to have originated from legitimate source.
In the past few years, the government has enacted laws to control and limit money laundering. First, we have Republic Act (RA) No. 9160 or the Anti-Money Laundering Act of 2001. Second, the said RA was amended and is now known as RA No. 9194. And third, it has also issued the Revised Implementing Rules and Regulations (RIRR) implementing RA No. 9160.
In relation to the recent issue, the AMLC said they were doing their job; they were already gathering intelligence information starting March last year. Understandably, this is no easy task. However, the money involved here is at least $663 million or P33.54 billion.
Money brought in the Philippines should be declared. Also, it should be checked from what source it originated to know whether it is a form of money laundering or not.
AMLC can resolve this thru requiring covered institutions to report suspicious transactions. They may order to determine the identity or source of the money. They may ask for assistance of a foreign country when the need arises.
The law provides that AMLC can enlist the assistance of any branch of the government for the prevention, detection and investigation of money laundering offenses and the prosecution of offenders. In this way, they can require intelligence agencies of the government to divulge any information that will facilitate the work of the Council in going after money launderers.
There is a need to expedite the investigation for criminals or the money launderers may preserve or enjoy the proceeds of their actions. In this way, they can still continue with their illegal activities.
It is a threat to national security because this may allow criminals to appear in public like having a legitimate standing or transactions. Thus, we have to respond immediately because it might pave way for more money launderers. (ayindream.aplasca@gmail.com/PN)
