The Senate bank committee discussed the AMLC’s requested powers as part of the proposed amendments to the country’s Anti-Money Laundering Act, as recommended by international watchdog Financial Action Task Force .
He said that AMLC sought to be granted the authority to subpoena any person or compel their attendance to produce information, books, papers, documents, data or other relevant information or objects, and to give statements under oath in relation to its investigative powers. Senate Minority Leader Franklin Drilon, however, appealed to the Senate panel to review further this proposal as this could be abused.
Senator Grace Poe, banks committee chair, admitted that the request was “a pretty broad power for the AMLC” since it no longer needs court authority to carry out such functions. On the issue of allowing the AMLC to manage assets which have been seized, this has been issue in the previous seized, the concern here is that if there are properties which have been seized and the case is still pending, the value of the property will dissipate and the property wil deteriorate so in effect it will not be that effective,” Angeles said for instance.
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