Metro Manila (CNN Philippines, January 18) – With 21 affirmative votes, the Senate has approved on third and final reading the bill which aims to strengthen the country’s anti-money laundering law.
Senate Bill No. 1945 introduces amendments to the Anti-Money Laundering Act of 2001 in order to prevent the country from returning to the “gray list” or countries with weak policies against dirty money by the Paris-based global watchdog Financial Action Task Force.
The Philippines has until February this year to update the AMLA.
Among the salient features of the bill are the following:
-Real estate developers and brokers are now included in the list of covered persons when they engage in a single cash transaction
-Coverage of offshore gaming operators and their service providers
-Inclusion of the commission of tax crimes and violation of the Strategic Trade Management Act, which relates to the proliferation of weapons of mass destruction and its financing, as predicate offenses to money laundering
The measure also seeks to strengthen the functions of the Anti-Money Laundering Council such as:
-Enhancing its investigative powers through express powers of deputization, power to apply for search warrant, and power to obtain information on ultimate beneficial ownership
-Authorizing it to implement targeted financial sanctions on proliferation financing
-Authorizing it to preserve, manage, or dispose assets subject of asset preservation order and judgment forfeiture
-Prohibiting the issuance of injunctive relief against freeze orders and forfeiture proceedings under its jurisdiction
The chamber snubbed Malacanang’s letter certifying it as urgent last December due to suggested provisions by the president, which the senators believed is not allowed.
A bicameral conference committee with the House of Representatives will be set after. The ratified version of the measure will be sent to President Rodrigo Duterte for his signature.
READ: PH sure to return to global money laundering watchlist if new law not passed by February – BSP chief
