Philippines: Financing of terrorism not yet a crime

by Kimberly Joyce R. Veloso (abs-cbnNews.com/Newsbreak)

Anti-Money Laundering Council (AMLC) executive director Vicente Aquino reported today that financing of terrorist activities has not been clearly defined as a crime under Republic Act 9372, otherwise known as the Human Security Act of 2007.

"The financing of terrorism has not been expressly stated as a crime. In short, financing of terrorism is not a crime under the Human Security Act," Aquino said during the financial intelligence unit’s meeting with the Senate and Congressional panels.

He pointed out that the criminalization of terrorism has been included in the recommendations made by the World Bank-Asia Pacific Mutual Evaluation of the AMLC, including freezing and seizure of terrorist assets.

Members of the congressional panel on anti-laundering, Reps. Jose Lacson, Jaime Lopez, Teddy Boy Locsin, and Rodolfo Plaza and their Senate counterpart Senator Edgardo Angara, suggested that the AMLC should act on the inclusion of financing of terrorist activities in the crimes covered by the Anti-Money Laundering Act (AMLA).

Aquino explained that even with the implicit inclusion of financing of terrorism in the AMLA, such deed is covered under the definition of crimes in the Anti-Terrorism Act.

In the AMLA, or Republic Act 9160 of 2001, money laundering is defined as "a crime whereby the proceeds of an unlawful activity as defined in the AMLA are transacted or attempted to be transacted to make them appear to have originated from legitimate sources". In 2002, certain provisions on the AMLA regarding the addition of particular functions to the AMLC were made.

The next mutual evaluation of the AMLC in the Philippines will be held on September 22 to October 6 this year, with legal and financial experts of the FATF member countries, the World Bank-International Monetary Fund as evaluators.

Source: Newsbreak