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UK diplomat urges PH to amend anti-money-laundering law

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MANILA, Philippines—Britain is urging the Philippines to pass reforms that will strengthen the country’s anti-money laundering law, saying the proposed legislation would help plug corruption and funding for terrorists.

Steph Lysaght, First Secretary of the British Embassy in Manila, made the call as he cited how the government’s efforts to stop corruption have helped generate investor interest into the country.

“By ensuring that proceeds of corruption are discovered and recovered, the Philippines will be able to better deliver public services. Additionally, blocking access to funds for terrorist activities leads to greater peace and security not just in the Philippines but the Asia Pacific region,” Lysaght said.

The UK diplomat made the statement at a British-funded training course on the implementation of stronger anti-money laundering measures held at the Bangko Sentral ng Pilipinas Complex from November 26 to 29.

The training gathered Philippine officials from agencies involved in enforcing the Anti-Money Laundering Act, from detecting and investigating violations to prosecuting known violators.

The International Governance and Risk Institute or GovRisk, a UK non-governmental organization that conducts international training on combating financial crimes, administered the training that touched on “proliferation financing, forensic investigation and national risk assessment,” the UK Embassy said.

The training was held as the Philippines moved closer to passing amendments to the AMLA, a measure certified as urgent by President Aquino  and is up for deliberation in Congress.

“I know that everyone is waiting for the passage of the third and final amendment to the anti-money laundering act. We hope that it will be passed. The anti-corruption initiatives are a big part of why there is increased interest from companies to work in the Philippines,” Lysaght said in opening the training course.

Laundered money accounts for roughly 2.7 percent of the world’s gross domestic product, BSP Governor Amando Tetangko said in remarks at the event, according to the UK Embassy.

The GovRisk training course is also conducted in Malaysia, Cambodia and Indonesia, the UK Embassy said.


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  • joboni96

    tarantad- ang Steph Lysaght ito

    sa kahinaan nilang manghuli
    sa mga kriminal nila

    gusto pa tayong diktahan
    sa sarili nating bayan

    i deport na itong persona non grata na ito

    • jeffrey_01

      joboni96 you’re a dumb donkey.  you are ignorant and corrupt person.

      • joboni96

        saan naman kaya napulot yan
        ng kolonisadong utak na ito

        nosense

  • MonMayuga

    Discover and recover. 

    These are the keywords in the fight against corruption, scams and other forms of illegal activities which siphon off government money by unscrupulous politicians and private persons who are in cahoots with each other.

  • http://pulse.yahoo.com/_OHOD5EA75DBBUH53UKLRXRK764 Mang Teban

    It would be interesting to have a NEW provision in our Anti-Money Laundering Law that will now compel banks to disclose foreign currency transactions and override the bank secrecy law which was the “escape route” of the former chief justice until he dragged himself into the sinkhole.

    If this will be taken up by Congress, I am sure that this will undergo the rigid test of passing through the “eye of the needle” with hesitant lawmakers looking at their own uncertain future at the risk of being impeached. Good things are happening in our country. However, it takes the political will to come to fruition for this one.

    • jeffrey_01

      Don’t hold your breath.  Congressmen are lazy. Nobody is attending the session and they’re not in hurry to pass the Anti-Money Laundering because this is very  risky to their lucrative corruption businesses.

  • http://www.facebook.com/alexander.aamproz Alexander Aamproz

    Filipino Law maker’s should go to the ICC in den Hague 

    to get anti-laudering money lessons and stay there a while for guilty punishments.

    • jeffrey_01

      Filipino Law makers dont have a guilty feeling.  Self serving and corrupt people.

  • dprotector

    I think the best thing to do is to amend the bank secrecy  and SALN laws. They should be changed to make it easier to look and check the bank accounts of everybody by the BIR and the Ombudsman.

    • jeffrey_01

      Anti_Money Laundering should get approved.

  • http://pulse.yahoo.com/_3TWVIBNBHJIBKXLUC5IT2JYM5E Harry

    In this country where fugitives can exit and enter mysteriously without hindrances, of what use is the AMLA if the terrorists decided to carry cash in and out of the country.

    We can almost be sure that those terrorists in the South can bring in cash as easily as the way they bring in their modern weapons. 

    • jeffrey_01

      This AMLA is not only for terrorist but for corrupt politicians like PAGCOR officials.

  • justice_league03

    these are the kinds of laws our government need to pay attention to.  they put too much focus on creating new laws such as the RH and Sin tax bills that they are forgetting to improve the existing laws, let alone to implement them. it makes one think that these new bills could just be for show and recognition.



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