President Benigno Aquino III 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 it 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 antimoney-laundering council by requiring foreign exchange establishments, real estate dealers, and jewelry and precious metal dealers to report any suspicious transactions.