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Senate taken for a ride EDITORIAL 05/20/2012

Sunday, May 20, 2012

Senate taken for a ride

EDITORIAL
Click to enlarge
05/20/2012
Even in the supposed blacklisting of the country by the Financial Action Task Force (FATF) against money laundering, it appeared that Noynoy’s dirty tricks operators were at work to exert pressure on Congress into rushing the amendments to the Anti-Money Laundering Act (AMLA) and allow him and his allies easier access to bank accounts of individuals whom they can label as having a suspicious account.

The process needed to inquire into a bank account will be greatly reduced in the amendments and aside from the law being used largely against drug, crime syndicate and terrorist money, the amended law is also being targeted as a toll against graft, which had evolved into having a self-serving definition for the yellow regime of Noynoy.

One of the proposed amendments in the bill will be to allow authorities, particularly the Anti-Money Laundering Council (AMLC) to look into bank accounts ex-parte or without the need to notify the holders of the accounts by the mere identification of the account as having suspicious transactions..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20120520com1.html

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