Senator Ma. Imelda Josefa “Imee” Marcos. (File photo)
MANILA – Senator Ma. Imelda Josefa “Imee” Marcos on Wednesday echoed international concerns on global financial systems being preyed on by transnational criminals committing fraud and embezzlement in public procurement contracts arising from the coronavirus disease (Covid-19) pandemic.
In a statement, Marcos, chair of the Senate committee on economic affairs, said any countermeasure to be undertaken by lawmakers to secure the country's financial system should note that the latest plenary report of the international money laundering watchdog Financial Action Task Force (FATF) saw a growing incidence of financial fraud involving overpriced and counterfeit medical goods.
"The Council of Europe’s monitoring body Moneyval has also cited fraud with medical equipment among the three types of financial crime that have increased amid the pandemic, including fraud and embezzlement related to economic relief measures and public procurement contracts. Amendments to the Anti-Money Laundering Act should not be outrun by these new developments,” Marcos said.
She also raised concerns about the purchase of personal protective equipment (PPE), testing kits, disinfectants, respirators, surgical tools, and vaccines becoming the newest instruments for money laundering.
Marcos said the urgent and high global demand for medical supplies and equipment to fight the Covid-19 pandemic throughout the world has led to more relaxed procurement processes and regulatory requirements by governments and private hospitals, making them vulnerable to financial fraud.
Marcos filed Senate Bill 1545 to keep the Philippines out of the FATF’s dreaded Grey List of countries considered as having a high risk for misuse of the international financial system.
The bill seeks to give the Anti-Money Laundering Council more teeth by granting it additional powers to monitor, investigate, and subpoena suspected financial criminals, as well as freeze their assets and conduct forfeiture proceedings without judicial intervention except by the Court of Appeals or the Supreme Court. (PR)
