Bill Amending AMLA Approved on Second Reading

Amending-AMLASenate approved on second reading last June 4 Senate Bill 3009, an act that seeks to allow the Anti-Money Laundering Council to inquire into bank deposits based on an ex parte application and allows courts other than Court of Appeals to issue freeze orders.

Some of the proposed amendments of SB 3009 to the AMLA are as follows: (1) the Sandiganbayan or the Court of Appeals whether or not the same is in aid of the court’s appellate jurisdiction may issue freeze orders; (2) pertinent courts are required to act on Petition to Freeze before the end of business hours or within twenty four hours from filing of the Petition, whichever comes first; (4) all courts are prohibited from issuing temporary restraining order or writ of injunction against any freeze order, except the Supreme Court; (5) AMLC may inquire into or examine any particular deposit or investment, including related accounts, with banking institution or non-banking institution upon order of any competent court based on ex-parte application in cases of violation of AMLA; (6) “Related accounts” shall refer to accounts, the funds, and sources of which originated from and/or are materially linked to the monetary instruments or properties subject of the freeze order.

Senator Ferdinand R. Marcos Jr. proposes an amendment to Section 4 or the Repealing Clause of SB 3009. “The language that I propose is this: Provided, that penal provisions shall not apply to acts done prior to the effectivity of the AMLA law on October 17, 2001,” he said during the period of amendments.
“The amendment that I propose is essentially desired for protection of third parties who may be included in the investigation,” Sen. Marcos added.

The proposed measure is scheduled tomorrow, June 6, for bicameral conference on the disagreeing votes. One of the conferees is Senator Marcos.

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