{"id":247156,"date":"2020-03-05T19:43:15","date_gmt":"2020-03-06T00:43:15","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=247156"},"modified":"2020-03-05T19:43:15","modified_gmt":"2020-03-06T00:43:15","slug":"address-gaps-in-bank-secrecy-law-amla-solon","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/03\/05\/address-gaps-in-bank-secrecy-law-amla-solon\/","title":{"rendered":"Address gaps in Bank Secrecy Law, AMLA: solon"},"content":{"rendered":"<figure id=\"attachment_148208\" aria-describedby=\"caption-attachment-148208\" style=\"width: 960px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/01\/Lacson.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-148208 size-full\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/01\/Lacson.jpg\" alt=\"\" width=\"960\" height=\"754\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/01\/Lacson.jpg 960w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/01\/Lacson-300x236.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/01\/Lacson-768x603.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><figcaption id=\"caption-attachment-148208\" class=\"wp-caption-text\">\u201cThe bringing of huge sums of money in and out of the country in past months with seeming impunity indicates the urgent need for action from our government, not just by the Executive but also by the Legislative,\u201d Lacson said in a statement. (File <a href=\"https:\/\/www.facebook.com\/senateph\/photos\/a.815377408486542.1073741828.749071305117153\/1746658975358376\/?type=3&amp;amp;theater\">photo<\/a>: <a href=\"https:\/\/www.facebook.com\/senateph\/\">Senate of the Philippines\/Facebook<\/a>)<\/figcaption><\/figure>\n<p><strong>MANILA<\/strong>\u00a0\u2013 Senator Panfilo Lacson on Thursday stressed the need to \u201caddress the gaps\u201d in the country\u2019s existing banking and finance laws following the influx of alleged dirty money into the country.<\/p>\n<p>\u201cThe bringing of huge sums of money in and out of the country in past months with seeming impunity indicates the urgent need for action from our government, not just by the Executive but also by the Legislative,\u201d Lacson said in a statement.<\/p>\n<p>He said one way for authorities \u201cto keep up with, if not keep one step ahead of,\u201d criminals who are trying to do the same, is for government to stamp out corruption and address the weaknesses of existing laws.<\/p>\n<p>\u201cWhile there is need to address the corruption that is one big reason for authorities\u2019 tolerating money laundering, there is also a need to take a long, hard look at gaps in our existing laws, including the Bank Secrecy Law and the Anti-Money Laundering Act (AMLA),\u201d Lacson said.<\/p>\n<p>\u201cOn the other hand, the amendments to these laws should also make sure that they cannot be weaponized for political purposes,\u201d he added.<\/p>\n<p>Lacson made the statements as the Senate Blue Ribbon Committee, chaired by Senator Richard Gordon, started public hearings on illicit activities presumably connected with the rise of Philippine Offshore Gaming Operators (POGOs) in the country.<\/p>\n<p>During the hearing, Gordon bared that an estimated USD633 million in cold cash was \u201csuspiciously\u201d brought into the country in the last seven months alone.<\/p>\n<p>He said the money was flown in by at least 60 individuals hired by organized syndicates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA\u00a0\u2013 Senator Panfilo Lacson on Thursday stressed the need to \u201caddress the gaps\u201d in the country\u2019s existing banking and finance &hellip;<\/p>\n","protected":false},"author":44,"featured_media":148208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,95],"tags":[],"class_list":["post-247156","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-news-ph","mauthors-jose-cielito-reganit","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/247156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=247156"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/247156\/revisions"}],"predecessor-version":[{"id":247157,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/247156\/revisions\/247157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/148208"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=247156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=247156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=247156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}