Bankruptcy Attorneys

IT was not, as a student, then Agnes Torres, taxes under me at the Ateneo Law School, a penchant for exaggeration, nor as an hour or two of his comrades, tears quickly moved. It was therefore a surprise to read, Solicitor General Agnes Devanadera overstate their case against the Supreme Court ruling in the case of the Philippines, represented by the fight against money laundering, the Board v. Hon Antonio M. Eugenio, 14 GR No. 174629 announced in February 2008.

Devanadera warned of our country, the Financial Action Task Force (FATF), once again, the list of non-cooperative countries and territories (the list of which is currently empty), or, if not, but serious countermeasures by Member countries, Such as the introduction of limit values for Migration, stores, too uncomfortable for the submission requirements with regard to the processing of cross-border financial transactions Philippines, and even a suspension of membership in the elite Egmont Group.

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All because the Supreme Court of the Republic v. Eugenio that the Anti-Money Laundering (AMLC), in exercise of its powers under Article 11 of RA No. 9160, as amended by RA 9194 (AMLA), which are not unaware depositors, ask about the authority Tribunal to review bank accounts? The lady protest too, appears.

In fairness, the Government, upon request, the position of a bank’s logical foundations. As stated by the government, “the Bank of inquiry that Asset Discovery tool, it is necessary ex parte, as is the preparation of further stages of freezing and rotting from the scope of the bourgeois repression, for the most part , the ex-parte in the initial phase. “Logic certainly supported the view of the AMLC on the basis of a survey conducted in bank accounts in the fight against money laundering.

Unfortunately, Oliver Wendell Holmes Jr. said, “The life of the law has not been logic, it has been experience.” And that was the country’s experience of the confidentiality of bank accounts fool, that the spirit of the Tribunal - The experience in the construction rigorous against all attempts to curious to one of the private foreign applicants, being in their banking.

“The Court of Justice of the construction of section 11 of the AMLA,” the Supreme Court recognizes that, “no doubt influenced by the right to privacy considerations. Petitioners persistence While the arguments that can be a bank by the government as a result of an ex-parte - procedures by which the applicant knew nothing about would have a significant impact on the right to privacy, the right of the innate gehegten despite all exceptions lawfully admitted to this matter. The idea that the government could be allowed, it is a source of concern for an individual values, the right to privacy, under any embodies the right to “let alone”, the most Comprehensive rights and the right of most civilized human beings. ”

With respect to bank accounts, the right to privacy, if it is not itself of the Constitution, RA No. 1405, known as the Bank Secrecy Law. Like any other law, R.A. No. 1405 allows exceptions, and in fact, the AMLA provides additional exceptions for himself.

But quickly, the Court stated that “because the other exceptions AMLA creates … Does not mean that he has the right to waive … With the general principle that … “All deposits of any kind with banks or credit institutions. .. As one of absolute confidentiality.” Therefore: “We must denounce these exceptions building, so that it would approve unlimited discretion on the part of government or party, for the implementation of these exceptions … Such an attitude would be, unless that the congress adopted a general law of the reversal of the government’s policy of maintaining the confidentiality of the absolute Philippine bank accounts. ”

Naturally, the Solicitor General is not too sensitive to the suggestion implicit in the Palais des Congrès relief, and has therefore filed an application for renewal. With the fall still subjudice, I have to leave today, “the outstanding problems, but what can be done in the meantime, by the authorities, in order to avoid the consequences of the General Counsel warns us, it is recognized field of trade fair comment. Here are some suggestions.

V. Eugenio Republic notes that, contrary to the Court the power to seek the authority to freeze bank accounts under section 10 can be ensured AMLA ex parte of the Court of Appeals, AMLA power by virtue of the ‘Article 11 to seek court order to the study of the banking authority unqualified by “ex parte”. Therefore, based on the legal provisions for the construction, he was in possession of the Tribunal, that the legislature intended to require, recalling the parties concerned, in cases where the bank but no investigation into cases of frozen account.

But since nothing in the AMLA requires investigation before freezing, and also the power, ex parte seek a freeze unnecessary to be so dependent on the implementation of the previous investigation of the bank, with only authorized parties , be terminated, then what could AMLC, with the explanatory memorandum to the same law, building regulations, it is a freeze on suspicion, depositions and ask, as a complementary measure, to the preservation of all records of the Bank as regards the frozen account.

Freezing is a good thing, for at least 20 days, sufficient time for the AMLC to go to court and ask, with mention of the party for banking transactions request. With the registration of frozen foods or in collaboration with the contents of the account, the notifying parties AMLA intend to consider it, they would be in no way liable to affect major AMLC’s ability to determine the result of the account the involvement in money laundering.

I suggest that the continuation of Bangko Sentral ng Pilipinas (BSP), a circular addressed to all banks and financial institutions under its supervision to get automatically the status quo with respect to all relevant records or for the account frozen immediately after the receipt of an order by the Court of Appeals freeze, regardless of whether the court, grants for AMLA’s prayer accessories. Adherence to this point, only a good level of the holy, that one of the things to be had a look in when a matter of routine, or GNP regularly at the Special Examination said institutions.

The FATF blacklist is a level of completion of the country not to want. However, the FATF is a reasonable and flexible international organization, conscious of the sensitivity of the different peoples and are facing structural difficulties, as their objectives in various countries, particularly in our region. The increase in the FATF, which, it could have been much worse Moreover, the cases of non-compliance, as foca, to the Supreme Court of its opinion, I submit the best measure of the government.

This entry was posted on Wednesday, April 2nd, 2008 at 11:03 pm and is filed under Money Laundering. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.