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FIFTEENTH CONGRESS OF THE REPUBLIC 
) 
OF THE PHILIPPINES 
) 
First Regular Session 
) 
SENATE 
S. No. 1681 
Introduced by Senator Miriam Defensor Santiago 
EXPLANATORY NOTE 
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"Financial crimes" is one of the hardest categories of crime to enforce and prosecute. 
Examples of which are counterfeiting, money laundering, financial fraud. This is because it 
involves a deep understanding of the nuances of the financial system which only a handful of 
people in our country are capable of. Moreover, advances in technology have also led to more 
elaborate set ups that leaves our unsuspecting law enforcers clueless in catching the perpetrators. 
In order to step up and enable our government to enforce our laws against financial 
crimes, we should establish a dedicated team who shall focus on prosecuting such crimes and be 
trained accordingly. As an institution, the government should set up a task force who can collate 
all previous efforts and use them in the fight against financial crimes. Specialization and extra-
attention on catching and prosecuting such type of crimes will allow us breakthroughs in 
enforcing our financial laws. 
This bill seeks to create a task force that will centralize all efforts in fighting financial 
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cnmes. 
1 This bill was originally filed in the Fourteenth Congress, Second Regular Session 
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FIFTEENTH CONGRESS OF THE REPUBLIC 
OF THE PHILIPPINES 
) 
) 
) 
First Regular Session 
SENATE 
S, No, 1681 
Introduced by Senator Miriam Defensor Santiago 
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AN ACT 
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TO ESTABLISH THE TASK FORCE ON FINANCIAL CRIMES 
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Be it enacted by the Senate and the House of Representatives of the Philippines in 
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Congress assembled: 
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SECTION 1, Short Title, - This Act shall be known as the "Financial Crimes Task Force 
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Act." 
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SECTION 2, Purpose. - The purpose ofthis Act is to--
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A. strengthen the efforts of the Department of Justice and national, and local 
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agencies to investigate and prosecute significant financial crimes; 
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B, recover the proceeds of such crimes; and; 
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C. ensure just and effective punishment of those who perpetrate financial crimes. 
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SECTION 3, Special Joint Task Force on Financial Crimes, - The Solicitor General 
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shall establish within the Department of Justice a Special Joint Task Force on Financial Crimes 
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(referred to in this Act as the "Task Force") whose focus shall be the investigation and 
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prosecution of fraud, misrepresentation, malfeasance, or related crimes with respect to 
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development, advertising, brokerage, or sale of financial products including derivatives, 
, 
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mortgage-backed securities, credit default swaps, and subprime loans, or related services 
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committed by public or private commercial entities and directors, officers, professional advisers, 
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and employees thereof (referred to in this Act as "financial crimes"), 
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SECTION 4, Membership, - The Task Force shall have the following pennanent 
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members 
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A. Solicitor General, who shall serve as Chair; 
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B. Director ofthe National Bureau ofInvestigation. 
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C. Such other officers as the Department of Justice may designate. 
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SECTION 5. Other Members. - In the Task Force's performance of the functions set 
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forth in this Act, and to the extent permitted by law, the following officers of the executive 
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branch shall be members of the Task Force, as consultants, in addition to such other officers as 
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the Solicitor General deems appropriate: 
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A. The Secretary of the Finance; 
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B. The Chairman of the Securities and Exchange Commission; 
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C. The Governor of the Bangko Sentral ng Pilipinas; 
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D. The Commissioner ofthe Insurance Commission; and 
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E. 
T~e I-leads of relevant agencies and departments. 
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SECTION 6. Operation. - The Solicitor General-
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A. shall convene and direct the work of the Task Force in fulfilling all its functions 
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under this Act; 
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B. may permit, when he deems it appropriate, the designee of a member of the Task 
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Force to participate in lieu ofthe member; and 
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C. shall convene the first meeting of the Task Force not later than 10 days after the date 
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of enactment of this Act and shall thereafter convene the Task Force at such times as 
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he or she deems appropriate, but not less than once per month. 
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SECTION 7. Functions. - Consistent with the constitutional authority of the President, 
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the authorities assigned to the Solicitor General by law, and other applicable law, the Task Force 
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shall-
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A. provide direction for the investigation and prosecution of cases of financial crimes 
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when such cases are determined by the Solicitor General, for purposes of this Act, to 
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be significant; 
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B. provide recommendations for allocation and reallocation of resources of the 
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Department of Justice for investigation and prosecution of significant financial 
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. crimes, recovery of proceeds from such crimes to the extent permitted by law, and 
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other matters detennined by the Task Force from time to lime to be of the highest 
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priority in the investigation and prosecution of such crimes; and 
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C. make recommendations to the President from time to time for-
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1. action to enhance cooperation among departments, agencies, and entities of 
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the government in the investigation and prosecution of significant financial 
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cnmes; 
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2. action to enhance cooperation among national and local authorities 
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responsible for the investigation and prosecution of significant financial 
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cnmes; 
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3. changes in rules, regulations, or policy to improve the effective investigation 
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and prosecution of significant financial crimes; and 
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4. recommendations to the Congress regarding such measures as the President 
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may judge necessary and expedient relating to significant financial crimes, or 
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the investigation or prosecution thereof. 
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SECTION 8. Appropriations. -The amount necessary for the initial implementation of 
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this Act shaIl be charged against the appropriations of the Department of Justice under the 
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current General Appropriations Act. Thereafter, such sum as may be necessary for its fuIl 
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implementation shaIl be included in the annual General Appropriations Act as a distinct and 
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separate item. 
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SECTION 9. Separability Clause. - If any provision or part hereof, is held invalid or 
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unconstitutional, the remainder of the law or the provision not otherwise affected shaIl remain 
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valid and subsisting. 
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SECTION 10, Repealing Clause, -- Any law, presidential decree or issuance, executive 
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order, letter of instruction, administrative order, rule or regulation contrary to or is inconsistent 
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with the provision of this Act is hereby repealed, modified, or amended accordingly, 
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SECTION 11, Effectivity Clause. - This Act shall take effect fifteen (15) days after its 
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publication in at least two (2) newspapers of general circulation. 
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Approved, 
Japmll1408 
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