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AMLC allowed to open bank records ‘ex parte’ By Angie M. Rosales 06/07/2012

Thursday, June 7, 2012

SENATE PASSES ONLY 1 OF 3 BILLS AMENDING AMLA

AMLC allowed to open bank records ‘ex parte’

By Angie M. Rosales 06/07/2012

The Senate approved yesterday one of three bills seeking to amend the Anti-Money Laundering Act (AMLA) which granted the Anti-Money Laundering Council (AMLC) authority to inquire “ex parte” or without a court order into bank accounts and investments of suspected money launderers and likewise allows it to pry into related accounts.

Senators are now crossing their fingers that the approved bill will be sufficient to meet a reported “requirement” imposed by the Europe-based Financial Action Task Force (FATF) on amendments to the AMLA to spare the country from landing in the body’s “blacklist” of dirty money havens.

Senators said they are hoping the bill would represent “substantial compliance” even as there was no assurance that such will be acceptable to the FATF..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/headlines/20120607hea1.html

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