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Aquino signs expanded law vs ‘dirty money’

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President Benigno Aquino III. AP FILE PHOTO

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.


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Tags: law , Money Laundering , News


  • http://profile.yahoo.com/FQQPZLNOMD2EBFTHSWOP6QGZWY Marshall

    DIRTY UNA
    DIRTYBINAY
    DIRTY ERAP
    DIRTY ENRILE
    DIRTY..DIRTIER..DIRTIEST…UNA THE DIRTIEST OF ALL THE DIRTIEST….

    • Observer_din

      grabe sir, sa post mo pa lang maski anong “laba” gawin nila DIRTY pa din sila,, hehehehehe

    • pcosmachine

      UNA MAJOR MAJOR DIRTY!

  • Guest

    “Aquino signs expanded law vs dirty money, but exempts Casinos”

    This article failed to mention the exclusion of dirty money laundered through Casinos. At the special request of Pagcor Chief Bong Naguiat very very recently, the senate and the house of congress readily exempted Casinos and online gambling from AMLA. Now we know why Casino moguls such as Okada are willing to invest $30 million in lobby funds just when PNoy’s administration assumed office. Bong Naguiat generously sold a “brand-new second-hand” yellow fast car to PNoy at fire sale price. In return, PNoy had to turn a blind eye when Naguiat and his family accepted bribe in Macau in the form of lavish perks, signature bag and pocket money. Moreover, Naguiat was caught on tape late last year 2012 misusing Pagcor cars and other resources.

    For all his sins, Naguiat remains PNoy’s most favorite Pagcor Chief. With casino lobby fund dangled in front of legislators, they are more than happy to back down from going after casinos.

    How money makes the world go round and round and round.

    _____________________________________________

    Reference:

    01. news article on fortified and yet weak anti-money laundering act
    ==> rappler,com/nation/21209-ph-casinos-exempt-from-tougher-anti-money-laundering-law

    02. youtube video of Sen. Guingona & Cong. Apostol’s excuse for excusing Casinos
    ==> youtube,com/watch?v=uQiAKSJpuFk

    03. youtube video of DZMM discussing the futility of AMLA without including Casinos
    ==> youtube,com/watch?v=teIZLdo9HPo

    04. youtube video of Pagcor Chief Bong Naguiat misusing Pagcor cars & other resources
    ==> youtube,com/watch?v=uQpPP_VxnrQ

    • Observer_din

      si naguiat naman pala nagrequest, di naman si PNOY eh, idemanda mo si naguiat pati mga uto-utong congressman at senador, kasi di naman papasa yan kung di sila pumayag..

      • Guest

        Uy, bakit ka kaagad defensive? Wala nga akong nilabas na reference tungkol kay PNoy pa eh, tumatahol ka na. Hayaan mo’t lalabas din yan. Kaw talaga.

      • Observer_din

        hindi defensive yan,doon din naman punta mo eh.. hehehehe

      • Guest

        sabi mo eh.. hehehe

  • JasonBieber

    How about signing the FOI Bill into effect?

    And while at it how about doing something to help the poor farmers and also help the victims of typhoon ‘Pablo?’ Anti-laundering law is a law for rich people…how about doing something good for the poor Filipinos.

     

    • bryanbrian

      Stupid comment. The anti-money laundering law is against rich people who are involved in illegal activities. FOI will be more needed for the next president to ensure transparency.
      So far, PNoy is transparent, he conducst regular press conferences and media can ask all kinds of questions unlike during the 9 years of the corrupt arroyo regime. PNoy even answers questions in ambush interviews. Never done by arroyo. PNoy is transparent and all govt agencies have websites where the public has access to all their budgets, biddings, and all programs and projects.

      We need FOI more if the president is like a dictator like marcos and the corrupt like arroyo and estrada. 

      Nevertheless, I have no doubt the FOI will become a law in the hands of PNoy.

      • 33Sambuang2

        pisot kasi yang si justin

      • JasonBieber

        PNoy is not transparent. If he was then he’d support the FOI, simple as that.

        And if you listen to his answers it’s most of the time excuses. More importantly, if he was more about action then he wouldn’t to continually giving speeches. We don’t need a talking President..we need one who does something and has action.

        Talk is cheap.

    • Observer_din

      pre,akala ko smart ka? tinawag kang stupid ng poster sa baba oh..
      kasi naman makapag-post lang ,dapat mejo binasa mo muna maigi ang sinulat mo,sabi nga think before you click para mukhang smart talaga.. hehehe
      hehehehe

      • JasonBieber

        Don’t be bitter like PNoy and join a conversation you weren’t a part of. I would laugh but i just feel sorry for you. I don’t know if you are a fan or a stalker.

        Anyway, signing stuff against the rich is all fine and well but that doesn’t help the poor it just helps the rich identify where the boundary is located.

        It would be best for PNoy to help the poor…support transparency in the FOI bill and have more action than talk.

      • Observer_din

        so why are you not so bold about the FOI during the time of arroyo?anyway may i know who are you rooting for so we can compare if he is best fitted to be president of this country?

      • JasonBieber

        I have always supported the FOI because it fosters good governance. And the fact that PNoy is not so keen on it shows that he ultimately is not for real good governance and does not fully support transparency in the government.

      • Observer_din

        sino ba presidente mo para malaman natin kung talagang mgaling sya?



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