Angara wants freeze of bank accounts used for terrorism
September 3, 2011
MANILA — Senator Edgardo Angara is pushing for an amendment to the Anti-Money Laundering Act (Amla) to let the government freeze without warning bank accounts suspected of being used to fund terrorism.
“Terrorists rely mainly on funding. If the government is able to curb their access to funds, then we can effectively disarm them. We can do this by penalizing them and their financiers, even without an actual terrorist act taking place,” he said in a press statement Friday.
Under the current Amla, the Anti-Money Laundering Council (AMLC) can ask the Court of Appeals to freeze suspicious accounts but the owner of the bank account must be notified first.
Angara has filed a bill to amend the law to allow the freezing to be done ex parte, or without needing the consent of the account owner.
The Senate sub-committee on amendments to the Amla held a hearing on Angara’s proposal Thursday.
Senator Teofisto Guingona III, in a briefing after the hearing, said the amendment will have to define what activities will fall under funding terrorists.
The AMLC needs a predicate crime to apply for a freeze order and terrorist financing is not yet counted as one of those.
The AMLC had asked to be given the power for an “executive freeze” on accounts without waiting for a court order.
Senators dismissed the proposal, however, saying it would violate the concept of checks and balances in government.
The sub-committee also said an executive freeze could violate the account owner’s rights.
Senators Guingona, Franklin Drilon, and Sergio Osmena were inclined to allow the AMLC to investigate suspicious accounts ex parte but with permission from the Court of Appeals.
This was suggested by Osmena, chairman of the Senate committee on banks.
He said the US Internal Revenue Service needs a court order to investigate suspicious accounts but is not required to inform the owners of those accounts that they are under investigation.
Source: http://www.sunstar.com.ph/breaking-news/2011/09/02/angara-wants-freeze-bank-accounts-used-terrorism-176883
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