Congress ratifies bill to strengthen AMLA

The two chambers of Congress have ratified the proposed measure that aims to strengthen the Anti-Money Laundering Act.

According to House Speaker Lord Allan Velasco, “we are glad that the bill is now just one step away from becoming a law. We are poised to beat the deadline for us to come up with a much stronger legislation against money laundering so we can avoid being placed on the Financial Action Task Force (FATF) gray list”.

He added that the “Philippines cannot afford” to be included in the list since it will “hurt” the economy that is currently recovering from the impact of the Coronavirus Disease 2019 (COVID-19) pandemic.

Senator Grace Poe also stated that the Upper and Lower Houses have agreed that all the transactions of the Philippine Offshore Gaming Operators (POGOs) above ₱500,000 must be included in the “purview” of the AMLA. Investigative powers shall also be added to the Anti-Money Laundering Council such as applying for an issuance of search and seizure warrant with the court and issuance of subpoena.

House Speaker Velasco assured that the final version of the AMLA amendments will be immediately submitted to the President for his signature. – Report from Daniel Manalastas

Popular

Taal Lake site assessment yields sack containing ‘bones’ — DOJ

By Brian Campued The Department of Justice (DOJ) confirmed that authorities retrieved a sack containing burned remains believed to be human bones during the initial...

LTO integrates online driver’s license renewal system in eGovPH app

By Dean Aubrey Caratiquet The Land Transportation Office (LTO) has integrated the online driver’s license renewal in the eGovPH app, which ensures a fast and...

5 of 21 Filipinos in Houthi-hit ship in Red Sea rescued — DFA

By Joyce Ann L. Rocamora and Marita Moaje | Philippine News Agency Five of the 21 Filipino seafarers manning the cargo vessel Eternity C, which...

PBBM directs gov’t officials: Focus on work, avoid politicking

By Dean Aubrey Caratiquet At the Malacañang press briefing this Wednesday, July 9, Presidential Communications Office (PCO) Undersecretary and Palace Press officer Claire Castro reiterated...