AMLC’s slip shows EDITORIAL 08/21/2011

AMLC’s slip shows

EDITORIAL

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08/21/2011
The fact that the Anti-Money Laundering Council (AMLC) was looking into the supposed fat account of the Arroyo family’s LTA Inc., was not what had grabbed attention in the interview Ping Lacson gave about the offshoot of the ongoing used police helicopters probe but the possibility that the AMLC laid off the transactions of the Arroyo company.

This is enough reason for the Senate to hold a probe on the AMLC and its officials whose agency supposedly acts independently of the government, being under the Bangko Sentral ng Pilipinas (BSP).

Before the creation of the AMLC, the Philippines was placed by the Organization for Economic Cooperation and Development (OECD), the eminent organization of rich countries, on a money-laundering watch list and even threatened trade sanctions on the country for being a haven for dirty money.

The country languished under the category for some years and even the remittances of Filipinos working overseas received a degree of restriction to remind the then Arroyo administration of the need to set up an Anti-Money Laundering Act..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/commentary/20110821com1.html