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Funding slavery & terror: Part III

December 20, 2009

A final connection worth pointing out on our series about the financial connections between terrorism and human trafficking is the question of enforcement.  Laws and policies that help crackdown on terrorism are complementary to restricting human trafficking.  A recent development in the Philippines illustrates the dual benefits of tightening AML controls.

The Philippine House of Representatives just voted to strengthen its anti-money laundering law.  According to the bill’s sponsors, the new legislation would make the Philippines compliant with modern international restrictions on terrorist financing.  The Business Mirror offers these details:

He [House Speaker Prospero Nograles] said the measure covers designated nonfinancial businesses and professions as reporting institutions, such as casinos, including Internet casinos, real-estate agents, dealers in precious metals, dealers in precious stones, lawyers, notaries, other independent legal professionals and accountants when they prepare for or carry out transactions for their clients’ money, monetary instrument, property or other assets.

“The bill would expand the list of unlawful activities to include terrorism and terrorist financing, trafficking in human beings, sexual exploitation of children, corruption and bribery, forgery and environmental crime,” Nograles said.

The measure grants the Anti-money Laundering Council (AMLC) the authority to inquire on a bank deposit upon the order of a court based on an ex-parte application.

The council shall also prescribe due process requirements in the implementation of a freeze order; provide for a system of incentives and rewards; and provide for the disposition of forfeited assets and retention.

The article doesn’t say, but presumably the measure now goes to the Philippine Senate.  It’s unclear when a final bill would pass given the Philippine government’s scramble to pass its 2010 budget. 

Hopefully the new measure will pass, especially given that the Philippines are a safe haven for terror and for high-volume human trafficking.

To summarize our series on the financial connections between terrorism and human trafficking, the funding sources overlap, the perpetrators interact, and the AML enforcement techniques for the phenomena overlap.

The bottom line is that if you are concerned about human trafficking and its financing, keep an eye on terrorist financing as well.

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One comment

  1. […] This post was mentioned on Twitter by Tendai Sean Joe, Nemia Nickson. Nemia Nickson said: Funding slavery & terror: Part III « Money Jihad http://bit.ly/7fQ0SI […]



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