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
