The Philippines’ first and only industry magazine that deals with safety and security matters pervading the environment today.

Senate approves anti-terror financing bill

A bill focused on preventing the financing of terrorist groups has been unanimously approved by the Senate on Wednesday (June 6).

With a vote of 21-0, the Senate Bill 3127 or the Terrorism Financing Prevention and Suppression Act has been approved. This allows authorities to freeze terrorist funds and to punish people who assist in financing terrorists.  It also allows the government’s Anti-Money Laundering Council to inquire into assets and bank accounts of suspected financiers of known terrorists and extremist groups without a court order said Sen. Teofisto Guingona III.

Under the bill, those responsible in financing terrorism can be subjected to a 40-year imprisonment term and a fine amounting to Php 1 million ($23,255). Financiers of terrorism were previously viewed as accomplices, but the bill sees them as key players in terrorism.

The Philippines has been long burdened by bombings and kidnappings done by Al-Qaeda linked extremists groups which includes the Abu Sayyaf.