BONG GO Business News BUSINESS/ECONOMY

Bong Go supports measures strengthening anti-money laundering efforts in PH

Senator Christopher “Bong” Go has expressed his support for proposed measures that aim to strengthen anti-money laundering efforts in the Philippines in compliance with the legal standards set by concerned international bodies.

During a Senate Committee on Banks, Financial Institutions and Currencies hearing on Wednesday, October 28, Go echoed the calls of President Rodrigo Duterte and Department of Finance Secretary Carlos Dominguez III to strengthen efforts against money laundering in the country through the proposed Senate Bill 1412 and its counterpart House Bill 6174.

Go noted that Duterte has certified the proposed measure as urgent.“I echo the President’s call to comply with legal standards for anti-money laundering and counterterrorism financing, as established by relevant international bodies,” Go said during the hearing. The proposed measures seek to strengthen Republic Act 9160 or the “Anti-Money Laundering Act of 2001”, making the country compliant with the legal standards set by international bodies in addressing money laundering and the funding of terrorist activities. Go cited that just last March, the Bureau of Customs confirmed that $370 million in dirty money entered the country. According to the DOF, two groups allegedly laundered around $167.97 million and $200.24 million, respectively.In response, Dominguez ordered the BOC to work with the Anti-Money Laundering Council in investigating the entry into the country of dirty money. In the hearing, Go also expressed his support for the inclusion of tax crimes and violation of the Strategic Trade and Management Act, which indirectly includes proliferation of weapons of mass destruction as predicate to money laundering. Moreover, Go said that the swift passage of the measure will also benefit overseas Filipino workers.

Go emphasized that strengthening laws against money laundering will boost the government’s fight against criminality.“Our campaign has always been against criminality and corruption aside from the war on illegal drugs. Amidst the continuing pandemic that has hampered, not just the economy but also the lives of our brothers and sisters, criminality and corruption have become more important issues that we must take seriously,” said Go.“At the time when our people are experiencing unprecedented hardships, every single centavo counts. Make no mistake, tutuluyan talaga namin ni Presidente ang mga manloloko at magnanakaw,” he added.Go also stressed that he and Duterte have always adopted a firm opposition against any form of terrorism.“We are one in our vision to exterminate terrorism and improve our anti-terrorism efforts,” he said.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: