Press Release
June 6, 2012

Transcript of ANC's Dateline Philippines Phone-patched Interview
with Senator Franklin M. Drilon

On the anti-money laundering measures

Drilon: We do hope that we are able to substantially align our financial system to the other systems worldwide. We have another measure which will be passed today which is the terrorism financing bill which, again, will add teeth to the anti-money laundering council. There is a third measure that we could not act upon and this is the bill which would expand the entities covered by the anti-money laundering act. Right now, it's just banks, financial institutions, corporations and insurance companies; and we want to include casinos, dealers of precious metals and a few other entities. This one is also required by the Financial Action Task Force. This one we could not pass it. We are hopeful that what we would be able to pass would be in substantial compliance of the requirements. But we do not know whether that actually will be the decision when the FATP convenes by the third week of June. If not, then we're falling into the category which means our financial transactions will be subjected to an enhanced examination and the most vulnerable are the overseas Filipino workers.

Q: Is there any proposal to appeal to the FATP?

Drilon: Well, our AMLC will appeal basically stating that we run out of time, because the last four months were devoted to the impeachment of the chief justice and we did not have much time to look into these measures. I do not know if that explanation will be accepted. I hope it will be accepted. Hopefully, we will be given until October this year which will be the next review to come out with the third measure.

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