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Amendments to Anti-Money Laundering Act hurdle Senate

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@MSantosINQ

08:38 PM February 4th, 2013

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By: Matikas Santos, February 4th, 2013 08:38 PM

MANILA, Philippines – The Senate after a vote of 15-0 approved on third and final reading the amendments to the Anti-Money Laundering Act (AMLA) Monday.

The bill which has been certified as urgent by President Benigno Aquino III was immediately passed after second reading.

The Philippines is facing being blacklisted by the Financial Action Task Force if the amendments would not be passed by Congress.

The Senate panel that will meet with the House of Representatives panel in a bicameral conference committee will be composed of senators Sergio Osmeña III, Francis Pangilinan, Teofisto Guingona III, Franklin Drilon, Joker Arroyo, Ferdinand Marcos Jr., and Antonio Trillanes IV

Among the amendments added to the AMLA was a provision requiring casinos to report when suspected money launderers are present in their premises.

Proposed transactions that have to be reported to the Anti-Money Laundering Council are those in remittance, real estate, foreign exchange, precious metals and stones, that amount to at least P25 million.

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