House passes anti-terrorist financing proposal

Manila: A measure against terrorist financing was passed by the Philippines' House of Representatives yesterday to prevent terrorism and simultaneously improve on local laws against such acts.

House Bill (HB) 5015 or the proposed "Terrorism Financing Prevention and Suppression Act of 2012" intends to ensure the safety and security of the country and its people from the horrors of terrorism, Speaker Feliciano Belmonte, Jr. said as he announced the approval of the measure on third and final reading.

A salient feature of the measure is that it qualifies terror financiers as: "Any person who, directly or indirectly, wilfully and without lawful excuse, possesses, provides, collects or uses property or funds… to carry out or facilitate the commission of any terrorist act."

It said that terror financiers may be terrorist organisations, association or groups or an individual who sets out to conduct a terror activity.

Under the measure, individuals or groups guilty of financing terrorist acts can be meted life imprisonment and a fine of not less than 500,000 pesos (Dh43,164) or more than 1,000,000 pesos.

HB 5015 includes terrorism financing as a predicate offence to money laundering as defined in the Anti-Money Laundering Act of 2001 and its amendments, and provides for the inclusion of terrorism financing as among the extraditable offences in all future treaties.

Objectives

Among the objectives of the measure, the authors pointed out, are to prevent terrorism by denying terrorists and their supporters access to legitimate international financial systems.

Likewise it also seeks to bring to justice terrorist financiers as well as comply with and honour the country's international commitments under the various international instruments against terrorism financing to which the Philippines is a party.