THE Philippines should add tax well. But we need to be very care- Jion S1/ I evasion amongthe crimes covered 'fuI urith these things because we by its law against money launder- ing, according to the lnternation- do not want also abuses to be The countqy's larv against money The law needs to be improved committed,,,he said. laundering was passed ir Septem- further so tie Philippines wont be al Monetary Fund (MF). ber 2OOl ard \Mas first amended in The lawmaker said his com- included in the FAIF list of areas "Tax evasion should be added 2003 to address concerns about to the list ofpredicate crimes,,, the mittee was "fast-tracking" the with serious deficiencies in combat- measure "without sacrificing the high threshold lercl for covered ing terrorist financing the 1MF said. IMF said ih its report dated Feb. 6. ttrorough and exhaustive consul- transactions, the covemge of insti- Meanwhile, Senator Francis N Customer due diligence for tutions and bank secrecy. politically exposed persons and tations with stakeholders.,, Pangilina[ filed a bill repealing a These changes are needed so Lawmakers lowered the thresh- 65-year-old law that guarantees risk-based supervision of the old for covered transactions to gaming sector should also be in- the country could avoid being deposit secrecy. grayJisted bythe Financial Action P50o,000 from P4 million- em- His Senate Bill634 orthe pro- tensified, it added. Task Force @AIF), Mr Cua said. polvere{ tle central bank to exam- posed Deposits Disclosure Act Quirino Rep. Junie E. Cua said irre deposits or investments with a technical working group of the "This is about the internation- will allow scrutiny of all deposits al effort to curb the laundering of any banking institutions without for possible ta-\ evasion, money House of Representatives Com- money resultina from terrorism, a court order during a periodic or laundering- and corruption, mittee on Banks, which he heads, the funding or fihancing terr6r- special examination, and allowed among other financial crimes. has been tweating the Anti-Mon- ism," he added. the law to be applied reboactivel). This will cover all deposits, ey Laundering Act (AMLA). He also said theywouldlookat Congress again amended the regardless of eurrency denomi- "It is one of the priorities of law in 2012 by allowing the issu- the offshore gaming industry to nation, issued bybanks and non- the government to enable us to ensure it does not become a dirty ance of a frieze otder and em- bank flnancial institutions. achieve grade A rating, so that,s money haven. powered the AMLC to conduct "It is necessary and timell' to lift very important" he said in an in- "We don't want it to become a bank inquiry within 24 hours all pertinent laws on the secrecy terview on Tuesday. a venue for money launderilrg as after filing a court action. of ban} deposits to ensure rightfijl Mr Cua filed House Bill 6174 The FATF upgraded the coun- well, and v/e r /ant to be very cau- declaration of taxes and efficient to include tax crimes and viola- tious about tiese Philippine Off- a ,,dark try to a "gray list" frorn revenue collection " Mr. Pangilinan tion of the Strategic Trade Man- agementAct as predicate ofienses shore Gaming Operators,. he said. $a/' list as a result, just a notch said in the bill's expJanatory note. Dirty none!, S1/4 away from being taken out of a "Through this measure, the to moneylaundering. watcNist of noncompliant nations. govehrnent will be able to ef- The bill also wants to include The following year, lawmalers fectively combat domestic and real-estate agents as covered per- again changed the law by increas- global tax evasion, money laun- sons thatwill be monitored by the ing the number of illegal activities dering and otherfinancial crimes, A.uti-Money Laundering Council relatedto moneylaundering to 34 and co$uption," he added. (AMLC). tiom 14. Once the bill becomes law, The congressman said his These included human traf- balks must disclose and report de- committee would address IMF ficking, bribery, counteIfeiting, posit account information. Viola- concerns about tax evasion, sai' ftaud and other illegal exactions, torswillbe fined at least P2OO,OOO ing itis "one ofthe areds where we forgery, malversatidn, various or jailed for at least three years or need to improve." enviro[mentai crimes, and ter- Mr. Cua said there is a long rorism and its fifiancing, both. - censhen L. Espedido list of crimes that fall under tax and Charnaine A- Tadalan evasion, some serious and some not so serioua 't, +l€wuilg t/etji{v
Impact of Phragmanthera Capitata (Sprenge.) Balle On Pod and Beans Production of Two Cocoa Clones in Nkoemvone Seed Fields (South Cameroun) - JBES @scribd