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SECOND READING

House approves bill to strengthen anti-money laundering law

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Speaker Feliciano Belmonte confirmed that he and other lawmakers met with some bishops in September. INQUIRER FILE PHOTO

MANILA, Philippines—The House of Representatives has approved on second reading a bill which seeks to strengthen the Anti-Money Laundering Act.

Speaker Feliciano Belmonte Jr. said that House Bill 6565, which will amend Republic Act 9160 otherwise known as the Anti-Money Laundering Act of 2001, seeks to ensure that the law is “compliant with updated and revised international anti-money laundering or counter-terrorist financing standards.”

House majority leader Neptali Gonzales II believes that HB 6565 will enable the country to honor its commitments under the Vienna Convention of 1988 as well as the Palermo Convention of 2001.

The Philippines has been blacklisted by the Financial Action Task Force (FATF), which felt Manila was not being cooperative in its campaign against money laundering and terrorist financing.

One of the amendments proposed in the measure is to change the definition of money laundering to include conversion, transfer, disposition, movement, acquisition, possession, use, concealment or disguise of the proceeds of any unlawful activity.

Leyte Representative Sergio Apostol, House banks and financial intermediaries panel chair, said that aside from expanding the list of financial institutions covered by the AMLA, HB 6565 will include designated non-financial businesses and professions as reporting institutions.

It also seeks to authorize the Anti-Money Laundering Council (AMLC) to file a civil forfeiture case upon determination of probable cause.

The bill also allows the AMLC to impose administrative sanctions and keep 25 percent of the net proceeds of forfeited assets.


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Tags: Congress , Laws , Money Laundering , Terrorism


  • EdgarEdgar

    Brilliant. and what about the RH bill and FOI bill?

  • http://pulse.yahoo.com/_V7W2T7T2N37DLVYJSM2OV4GJ4A Ramon S

    Yaps … ok … but most of this money launderer, terrorist financier  use their own state run foundations…banks , school foundation or even owned a money transfer businesses… How to catch this scheme the play? when they are in advance move before any laws are drafted. 

    • http://pulse.yahoo.com/_GEL5M676WZ7BLFR4SNH66WKRZM Bigboy I

       so ibig sabihin me posibilidad pala na ang abs cbn at gma me possibilidad na gamitin foundation nila para mag launder ng pera!

  • https://me.yahoo.com/a/hbRkpPw1oYTBJamz.EH7acMZBBVoIlWXriA-#e4348 Felix

    Laws are good as the enforcers are good.

  • http://profile.yahoo.com/VS5EYSP4FPOTVQCJZ24NRE6Z2M Edgardo Mendoza

    WAG NAMAN KASI BAKA YUNG PINAG TRABAHUHAN KO KAY MICKEY ARROYO MASILIP MEDYO MILLION HALAGA DIN YUN”"

  • http://profile.yahoo.com/VS5EYSP4FPOTVQCJZ24NRE6Z2M Edgardo Mendoza

    BUTI PA FOCUS NALANG KAYO SA FOI AT R.H BILL

  • blainz

    If I recall correctly, the Philippines is still in the gray list; however, not passing the amendment gets us into the black list come January.

    Make sure that stinking Senate President won’t sit on this like he did with the RH Bill. Enrile is one of those people who have lots to hide. There’s no doubt he’ll milk this issue for all its worth as “foreign interference” as campaigns ramp up.

    Keep an eye on that Bongbong fellow too. He has the most to lose.

  • disqusted0fu

    upgrading the laws is good… but whats even better is upgrading the law enforcers. laws are just as good as their enforcers. if the enforcers are either inefficient or they violate the laws themselves, then what good are these laws for?! it has to be applicable to everyone.

  • Your_King

    The only ones that really launder money are probably the people in government and all the rich businessmen that are associated and work and are friends with the people in government. So this bill or whatever it is does not really affect the masses. I mean sure its fine to have this bill but the government these days aren’t doing enough to help the masses.



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