FOURTEENTH CONGRESS OF THE REPUBLIC) 
Second Regular Session 
OF THE PHILIPPINES 
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Introduced by Senator Miriam Defensor Santiago 
EXPLANATORY NOTE 
“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 handlul 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 
crimes. 
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FOURTEENTH CONGRESS OF THE REPUBLIC ) 
OF THE PHILIPPINES 
) 
Second Regular Session 
) 
Introduced by Senator Miriam Defensor Santiago 
AN ACT 
TO ESTABLISH THE TASK FORCE ON FINANCIAL CRIMES 
Be it enacted by the Senate and the House of Representatives of the Philippines in 
Congress asseinbled: 
SECTION 1. Short Title. - This Act shall be known as the “Financial Crimes Task Force 
Act of2008.” 
SECTION 2. Purpose. - The purpose of this Act is to-- 
A. strengthen the efforts of the Department of Justice and national, and local 
agencies to investigate and prosecute significant financial crimes; 
B. recover the proceeds of such crimes; and; 
C. ensure just and effective punishment of those who perpetrate financial crimes. 
SECTION 3. Special Joint Task Force on Financial Crimes. - The Solicitor Genere 
shall establish within the Department of Justice a Special Joint Task Force on Financial Crimes 
(referred to in this Act as the “Task Force”) whose focus shall be the investigation and 
prosecution of fraud, misrepresentation, malfeasance, or related crimes with respect to 
development, advertising, brokerage, or sale of financial products including derivatives, 
mortgage-backed securities, credit default swaps, and subprime loans, or related services 
committed by public or private commercial entities and directors, officers, professional advisers, 
and eiiiployees thereof (referred to in this Act as “financial crimes”). 
SECTION 4. Membership. - The Task Force shall have the following permanent 
members 
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A. Solicitor General, who shall serve as Chair; 
B. Director of the National Bureau of Investigation. 
C. Such other officers as the Department of Justice may designate. 
SECTION 5. Other Members. - In the Task Force's performance of the functions set 
forth in this Act, and to the extent permitted by law, the following officers of the executive 
branch shall be meinbers of the Task Force, as consultatlts, in addition to such other officers as 
the Solicitor General deems appropriate: 
A. The Secretary of the Finance; 
B. The Chairman of the Securities and Exchange Commission; 
C. The Governor of the Bangko Sentral ng Pilipinas; 
D. The Commissioner of the Insurance Commission; and 
E. The Heads of relevant agencies and departments. 
SECTION 6. Operation. -The Solicitor General - 
A. shall convene and direct the work, of the Task Force in fulfilling all its functiqns 
under this Act; 
B. may pemiit, when he deems it appropriate, the designee of a member of the Task 
Force to participate in lieu of the member; and 
C. shall convene the first meeting of the Task Force not later than 10 days after the date 
of enactment of this Act and shall thereafter convene the Task Force at such times as 
lie or she deems appropriate, but not less than once per month. 
SECTION 7. Functions. - Consistent with the constitutional authority of the President, 
tlie authorities assigned to tlie Solicitor General by law, and other applicable law, the Task Force 
shall - 
A. provide direction for the iiivestigation and prosecution of cases of financial crimes 
when such cases are determined by the Solicitor General, for purposes of this Act, to 
be significant; 
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B. provide recoinmendatioiis for allocation and reallocation of resources of the 
Departinelit of Justice for investigation and prosecution of significant financial 
crimes, recovery of proceeds from such crimes to the extent permitted by law, and 
other matters determined by the Task Force from time to time to @e of the highest 
priority in the investigation and prosecution of such crimes; and 
C. make recommeudations to the President from time to time for- 
1. action to enhance cooperation among departments, agencies, and entities of 
the government in the investigation and prosecution of significant financial 
crimes; 
2. action to enhance cooperation among national and local authorities 
responsible for the investigation and prosecution of significant financial 
crimes; 
3. chauges iu rules, regulations, or policy to improve the effective iuvestigation 
and prosecutioii of significant financial crimes; and 
4. recoininendations to the Congress regarding such measures as the President 
may judge necessary and expedient relating to significant financial crimes, or 
the investigation or prosecution thereof. 
SECTION 8. Appvopuintions. -The amount necessary for the initial implementation of 
this Act shall be charged against the appropriations of the Department of Justice under the 
current General Appropriations Act. Thereafter, such sum as may be necessary for its full 
implenientation shall be included in the annual General Appropriations Act as a distinct and 
separate item. 
SECTION 9. Separability Clause. - If m y  provision or part hereof, is held invalid or 
unconstitutional, the remainder of the law or the provision not otherwise affected shall remain 
valid and subsisting. 
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SECTlON 10. Repealing Clause. - Any law, presidential decree or issuance, executive 
order, letter oT instruction, administrative order, rule or regulation contrary to or i s  inconsistent 
with the provision of this Act is hereby repealed, modified, or amended accordingly. 
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SECTION 11. Eflectivity Clause. - This Act shall tale effect fifteen (15) days after its 
publication in at least two (2) newspapers of general circulation. 
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Approved, 
lapnil I1408 
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