Thursday, February 08, 2007
Anti-money laundering group to monitor poll expenses of bets
AMID reports that jueteng and illegal drug money are allegedly being used to finance the candidacies of several politicians in the coming elections, the Commission on Elections (Comelec) on Wednesday granted the petition of the Anti-Money Laundering Council (AMLC) for authority to monitor all expenses incurred by those running for local and congressional posts.
With the accreditation of the AMLC, Comelec Chairman Benjamin Abalos Sr. said "this should serve as a warning (for the candidates) to be very, very careful."
Abalos said the council wants to verify reports that gambling and drug money are being are being used or will be used by some candidates for their campaign,
He said if the AMLC finds evidence of politicians utilizing drug and gambling money, it will be used as a ground for their disqualification.
"If they could trace that these are illegally-sourced funds, they (council) can file (a complaint) before us," added Abalos.
The bill creating the AMLC was signed into law by President Gloria Macapagal-Arroyo in September 2001 but it was only implemented in 2003.
Persons found violating the Anti-Money Laundering Act will suffer imprisonment of seven to 14 years and will be fined P3 million but not more than twice the value of the monetary instrument or property involved in the offense. (MSN/Sunnex)
For more Philippine news, visit Sun.Star Iloilo. (February 8, 2007 issue)
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