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Amendments to Anti-Money Laundering Act hurdle Senate

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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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Tags: Anti-Money Laundering Act , Financial Action Task Force , Nation , News , Senate


  • http://pulse.yahoo.com/_5UOZM4PWIDKO7G64HL3PPMXUTM Constantine

    Well, the Senate is after all cooperative with the urgent laws which need to be passed. It’s really different when the sitting president is incorruptible. The passing of relevant laws during Gloria’s time was so slow. Let’s give credit to the Senators! 

    • http://pulse.yahoo.com/_3TWVIBNBHJIBKXLUC5IT2JYM5E Harry

      If the Senators are going to supply a complete list and photographic images of drug lords, jueteng lords, kidnappers, smugglers, etc. to the banks, casinos, stock brokers, money changers, etc. the the AMLC will have a much easier job catching the money launderers.

      Since the impeachment of Corona, they should not not forget i to include the list of Justices of the SC. 

      The banks and stockbrokers should report all government officials investing heavily in bonds and stocks.

  • calixto909

    Aquino now certified the AMLA amendment as urgent but earlier he posted a rigor to its passage due to constitutional infirmity but suddenly  the mode change so without much ado he stamped his imprimatur. How about the FOI, why wasn’t it not included when similarly it has a vital role in the prosecution of corrupt practices just like the AMLA?

    Aquino at other times is fickle minded not a resolute leader but at any rate his dynamism could also be commended because the high economic figures achieved by the government say so.

  • FernandoBusi

    Dapat i check ng AMLA si Trillanes. He spent 55M in 2010 eh samantalang nakakulong pa sya for a good part of the year. How the heck could his committee on whatever spend the kind of money it spent? Sabagay certification lang, pirma lang tinatanggap na sa Senado so a senatong can say he met spent for this and that pero bumili pala ng bagong condo. 

    I wonder magkano commission for kowtowing to China on the panatag issue. Yan Exec Dir. Aquino ang dapat silipin mo. 

    Kaya walang FoI masisilip ang kalokohan ng admin, LP, at allies nito,

    NO FoI NO LP.

    • http://profile.yahoo.com/PQPOCGSITYMSD2UTYIN4TJP56U Rene

      john, jack kayo ba yan?bakit wala kahit isa man lang sa macho block (enrile, estrada, honasan at xerox) ang nakasama sa bicam? sila ba ang mga kumontra sa panukala na to? disadvantage kasi to sa mga negosyo nila eh…

      • FernandoBusi

        Ha ha ha unless LP gets FoI passed now it simply means may tinatago sila kasama na ang mga Condo buying binge big spender Senatongs who supposedly earn less than 50K a month only.

        If someone never had any private practice and suddenly became rich as a Senatong ano tawag dun?

  • http://profile.yahoo.com/PQPOCGSITYMSD2UTYIN4TJP56U Rene

    bakit wala kahit isa man lang sa macho block (enrile, estrada, honasan at xerox) ang nakasama sa bicam? sila ba ang mga kumontra sa panukala na to? disadvantage kasi to sa mga negosyo nila eh…

  • superpilipinas

    It seems that they are now trying to fast track more important bill after bill at the last minute before elections?

    What then do we have after this….Low Quality Fastracked Laws….all because they spent so much time for the uimportant other bills.

    PLEASE DO NOT VOTE TRADITIONAL POLITICIANS, POLITICAL DYNASTY MEMBERS, AND SHOWBIZ-TV PERSONALITIES. Make the votes for these people very low by not voting for them. Let’s all vote for alternative independents and technical professionals from the private sector. If there are no alternatives, don’t vote for anyone.

    • FORTHE GOOD

      Who are the “alternative independents” you are rooting for? please name them.

      I am rooting for Team PNoy.

      • superpilipinas

        No FOI, No Team PNoy.

        PNoy is corrupt. He did not certify FOI as urgent when he fully knows well that transparency is key to anti-corruption. Even his team member de Lima told the whole world. Sidelining it is corruption in itself.

        Obviously, he’s afraid that his allies will turn against him since FOI can expose the corrupt, whther they be his opponents or allies. 

        Who’s the alternative? Depends on which position you are voting for. If they are not in Congress today, and they have good technical ability, vote for them. Otherwise, don’t vote for anyone.  

  • FORTHE GOOD

    Great job!!

  • disqusted0fu

    It is hard to keep on approving bills such as the AMLA with how laws are being used and abused nowadays in this administration. It is just going to be for the benefit of the powerful and the well connected. It would’ve been better if this bill was delayed and FOI was prioritized since that will be more effective and fair for all. Transparency is what the PH needs most, but that’s not what we are getting.



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