Quantcast
Latest Stories
SECOND READING

House approves bill to strengthen anti-money laundering law

By

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.


Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Congress , Laws , Money Laundering , Terrorism




Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
  1. Napoles spills beans on Enrile, Estrada, Revilla – De Lima
  2. Opinions split on Napoles turning state witness
  3. Delfin Lee: Blame Pag-Ibig, not me
  4. Plunder complaint filed vs PNP chief, firearms office head over license delivery deal
  5. Cedric Lee’s cohort flies out of PH despite look-out order – De Lima
  6. San Juan cops fail to arrest Cedric Lee
  7. More ‘Yolanda’ bodies found
  8. Gigi Reyes pins blame on aide
  9. Lawyer: Napoles ‘will tell all’
  10. Boy ‘sexually assaulted’ at Indonesia international school
  1. Napoles spills beans on Enrile, Estrada, Revilla – De Lima
  2. Gigi Reyes pins blame on aide
  3. Estrada: Gigi Reyes won’t testify vs JPE
  4. Bernice Lee arrested by NBI team
  5. Enrile chief aide back in PH ‘to face charges’
  6. ‘No real progress in PH if dynasties not dismantled’
  7. Suspect in Vhong Navarro’s mauling wants to turn state witness – De Lima
  8. Reckless driver endangered lives of Aquino, entourage–report
  9. More legal woes for Cedric Lee
  10. Henares on Pacquiao bashing: I did not start this
  1. KL confirms Malaysian Airlines Flight MH370 ended in Indian Ocean
  2. MRT passengers pass the hat for 6-year-old Ashley
  3. Rookie, lady cops lauded for quick response to MOA heist
  4. Malaysia averts another air tragedy; pilot lands troubled plane safely
  5. Revilla says he was joking; Lacson stands by his story
  6. Revilla ‘consulted’ Lacson on how he evaded arrest
  7. Cudia, dismissed for lying, got 99% in conduct
  8. Kim Henares needs a reprimand, says Cayetano
  9. Hammer-wielding robbers cause chaos at Philippines’ Mall of Asia
  10. Napoles spills beans on Enrile, Estrada, Revilla – De Lima
Advertisement

News

  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Napoles surgery in Makati hospital successful
  • Save the queen? Aide takes fall for Enrile, Gigi Reyes
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • A first in a mall: Authentic Greek yogurt–made fresh in front of diners
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Believe it or not: Filipinos love US more than Yanks
  • Marketplace
    Advertisement