Senate adjourns without amending the Anti-Money Laundering Act

MANILA, Philippines — Amid threats of sanctions from international Financial Action Task Force (FATF), the Senate adjourned on Wednesday without passing the proposed amendments in the Anti-Money Laundering Act.

“We are not bound to act on the say so of anybody. My god, if we’re going to be that jumpy as a country simply because these foreigners will sneeze and we will immediately [be] jump because they sneeze? I don’t subscribe to that,” Senate President Juan Ponce-Enrile told reporters before the start of the session.

“They can black list us. We can retaliate also if we have to retaliate,” he said when told about the FATF’s threat to place the Philippines in the black list should it fail to comply with the national standards.

There are three separate measures being deliberated in the Senate proposing several amendments to the law and the FATF has given the country until May to comply with its standards. The Senate will resume on May 8, 2012.

Enrile wondered how non-compliance with the international standards could affect overseas Filipino workers.

“Ano naman kinalalaman ng OFWs diyan? (What do OFWs have to do with that?) They are ordinary human beings, they aren’t terrorists. They are not engaged in big time transmission of funds. What are we talking about here? They are using the OFWs as scarecrow,” he said.

“Dapat hindi tayo tinatakot. Alam mo, ayaw ko ng tinatakot tayo ng maski sino (We should not be threatened. You know, I don’t want being threatened by anyone). I want to assert the honor of this country,” Enrile added.

The Senate leader repeated his remarks when the chamber continued with its deliberations on the proposed amendments of the law.

“What are the detriments to us if we defy this Financial Task Force. How heavy is the detriment compared to whatever benefit we get without complying with their demand?” Enrile asked Senator Teofisto Guingona III, who sponsored the amendments on the floor.

“My god, I feel offended by the pressure, by being told by any international organization that you do this, you do that for us,” he said.

“I was informed that what will happen is an enhanced verification of anyone that wants to send money to the Philippines,” Guingona answered.