Aquino signs expanded law vs ‘dirty money’
MANILA, Philippines–President Aquino signed on Friday the measure amending the Anti-Money Laundering Act (Amla).
Deputy presidential spokesperson Abigail Valte made the announcement in a text message sent out to the media.
Republic Act No. 10365 is also known as an “Act Strengthening the Anti-Money Laundering Law.”
Valte confirmed that the law would shield the country from being blacklisted by the International Financial Action Task Force (FATF).
“Yes, this is the third law required to keep us off the FATF blacklist. The first two were passed last year,” she said.
Valte, however, couldn’t cite highlights of the new law as she had yet to see the “final copy.”
“I need to compare with the old one (law) first. I’ll be in a better position to give you details once I have the signed copy,” said Valte.
A blacklist could mean difficulties for overseas Filipinos sending money home as more documentation would be required from them as a result of the country’s blacklisting.
The bicameral conference committee approved amendments to Amla last week.
The law strengthens the anti-money laundering council by requiring foreign exchange establishments, real estate dealers, and jewelry and precious metal dealers to report any suspicious transactions.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
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