Leave money launder probe to AMLC
LOCAL is the banking community in all its forms on suspicion of money laundering $ 81 million dollars stolen Bangladesh Bank has found its way into local casinos and subsequently delivered to bank accounts abroad.
The Money Laundering Council (ALMC) is investigating what may be the largest and the most serious cases of money laundering in the country.
Not much was discussed AMLC on the progress of its investigation because the Money Laundering Act requires to keep its activities secret for now.
The results of the survey are expected by local and foreign financial institutions because of their potentially serious implications for the country's banking system.
Despite AMLC to study the matter in accordance with its bylaws, the oversight committee of Congress on the law of money laundering, led by Senator Teofisto Guingona III, however, announced that it will also consider the issue.
The survey aims, among others, to study the possibility of including casinos entities that should be covered by the regulations against money laundering.
However, the time and circumstances in which the research carried out are biased and do not raise the confidence that the target set sticking.
Elections are less than two months. Apart from Guingona, the members are Senator Sergio Osmeña III, Grace Poe, Antonio Trillanes IV and Vicente Sotto, running in the May polls.
They are at the heart of the election campaign. They are hungry for publicity or media exposure can increase their level of awareness in the public eye.
With a little felt badly in the polls, a congressional hearing that will give them some free benefit will be welcome, if not something to seriously consider.
Judging by the behavior of some of these senators in recent sessions of the Senate, there is a strong possibility that the provided probe can be converted into a platform to attract public attention to boost his candidacy.
Grandstanding is par for the course in the Senate, but the problem is that some senators do not know what to think before opening his mouth.
In their desire to get their sound bites in the news or newspapers in the afternoon, these senators are likely to go out with strangers derogatory comments or resources if left to give consistent in their thinking or bias answers.
What is worrying is the probe on money laundering may deviate from its stated objective and aggravate the already bad situation that some banks have found themselves in.
Banks and financial institutions are very sensitive to public perception about its stability and management experience.
imprudent statements during the hearing that tend to undermine the integrity of the banking system, or give the impression of poor management can lead to loss of confidence of depositors in their banks, which could lead to bank runs.
Equally worrisome is the possibility of AMLC asked officials to disclose their strategies and techniques of control of money laundering activities, or coordination with their counterparts in foreign countries.
This will be a great help for drug lords and criminal gangs seeking refuge for their wealth soaked in blood.
Apart from the publicity generated and the few minutes of fame that some senators are likely to benefit, nothing concrete will to force bank officials and government regulators concerned to appear and testify.
The duration of the current Congress expires on 30 June is not practical (if not naive) to wait until the Committee is able to release a report on its investigation, send it to the plenary for consideration and both houses of Congress to discuss and put agree on amendments to the Law on money laundering in three and a half months.
No Filipino in his right mind will believe that congressmen and senators will be so motivated by the oath of office they took to interrupt their campaigns and attend meetings to discuss and amend this law.
Except for lawmakers who want to use the media free media exposure, the incident money laundering is not a situation of death and life can return to work.
In short, the probe of the Congress will be a waste of money and people will do more harm than good.
The country will be better served if the AMLC is authorized to work in the alleged $ 81 million money laundering without any interference from Congress publicity seekers.
This is a time when a Congress that does nothing (which is anyway) is a positive development.
The Money Laundering Council (ALMC) is investigating what may be the largest and the most serious cases of money laundering in the country.
Not much was discussed AMLC on the progress of its investigation because the Money Laundering Act requires to keep its activities secret for now.
The results of the survey are expected by local and foreign financial institutions because of their potentially serious implications for the country's banking system.
Despite AMLC to study the matter in accordance with its bylaws, the oversight committee of Congress on the law of money laundering, led by Senator Teofisto Guingona III, however, announced that it will also consider the issue.
The survey aims, among others, to study the possibility of including casinos entities that should be covered by the regulations against money laundering.
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At first glance, the purpose of the survey is legitimate or valid. It is the first step towards the possible amendment of the law.However, the time and circumstances in which the research carried out are biased and do not raise the confidence that the target set sticking.
Elections are less than two months. Apart from Guingona, the members are Senator Sergio Osmeña III, Grace Poe, Antonio Trillanes IV and Vicente Sotto, running in the May polls.
They are at the heart of the election campaign. They are hungry for publicity or media exposure can increase their level of awareness in the public eye.
With a little felt badly in the polls, a congressional hearing that will give them some free benefit will be welcome, if not something to seriously consider.
Judging by the behavior of some of these senators in recent sessions of the Senate, there is a strong possibility that the provided probe can be converted into a platform to attract public attention to boost his candidacy.
Process
While other senators seeking reelection or more positions that are not members of this committee, nothing can prevent them from breaking the public to share the media exposure.Grandstanding is par for the course in the Senate, but the problem is that some senators do not know what to think before opening his mouth.
In their desire to get their sound bites in the news or newspapers in the afternoon, these senators are likely to go out with strangers derogatory comments or resources if left to give consistent in their thinking or bias answers.
What is worrying is the probe on money laundering may deviate from its stated objective and aggravate the already bad situation that some banks have found themselves in.
Banks and financial institutions are very sensitive to public perception about its stability and management experience.
imprudent statements during the hearing that tend to undermine the integrity of the banking system, or give the impression of poor management can lead to loss of confidence of depositors in their banks, which could lead to bank runs.
Equally worrisome is the possibility of AMLC asked officials to disclose their strategies and techniques of control of money laundering activities, or coordination with their counterparts in foreign countries.
This will be a great help for drug lords and criminal gangs seeking refuge for their wealth soaked in blood.
Deliberations
From a practical standpoint, the congressional investigation makes no sense at all.Apart from the publicity generated and the few minutes of fame that some senators are likely to benefit, nothing concrete will to force bank officials and government regulators concerned to appear and testify.
The duration of the current Congress expires on 30 June is not practical (if not naive) to wait until the Committee is able to release a report on its investigation, send it to the plenary for consideration and both houses of Congress to discuss and put agree on amendments to the Law on money laundering in three and a half months.
No Filipino in his right mind will believe that congressmen and senators will be so motivated by the oath of office they took to interrupt their campaigns and attend meetings to discuss and amend this law.
Except for lawmakers who want to use the media free media exposure, the incident money laundering is not a situation of death and life can return to work.
In short, the probe of the Congress will be a waste of money and people will do more harm than good.
The country will be better served if the AMLC is authorized to work in the alleged $ 81 million money laundering without any interference from Congress publicity seekers.
This is a time when a Congress that does nothing (which is anyway) is a positive development.
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