Aquino signs expanded law vs ‘dirty money’


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.

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  • Guest

    “Aquino signs expanded law vs dirty money”, BUT EXEMPTS CASINOS

    This article fails 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.



    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

  • Magsasaka

    how can you strengthen this law when most of the dirty transactions are being done by politicians and the money which they stole from our coffers becomes dirty, we also need the FOI bill to become law to eliminate dirty transactions and dirty money.

  • boldyak

    casinos exempted and ofw’s will be blacklisted if they send money more than what this law says?….OMG…and this law was signed by malakanyang?…OFW’s will be havingh hardtime if they earn more for the country…wahahahaha….don’t these idyots know that in middle east there is already a limit amount of money you send to Philippines?…if you exceed the limit you should have a certification from the source of the money you are sending….we really have idyots lawmakers and the people in power…

    • 1voxPopuli

      this idiotic law you are referring is an international law required under FATF. we did this so we dont get black-listed from the rest of the world.

      about OFW:
      if an OFW is sending money to the philippines in excess of P500k and above per transaction; he/she should provide documentation. (payslip, bank records, …)

      so if you legally acquired the money, walang problema di ba? araw-araw ka ba nagpapadala ng P500k sa pinas? baka launderer ka, kaya galit ka sa batas na to?

      • boldyak

        do you know how to send to philippines a bank record from your bank abroad?…if i have emergency need, how long would it take?…what i am saying is,there are countries where the origin of the money is, have existing laws that a ceritfication is required to send such amount, does our lawmakers considered this?…have they studied the implications to the OFW’s?…or this law was just passed to satisfy the foreign entities with the intention of not being blacklisted…and most especisally, why the casinos are exempted?…

    • Luthmar

      Excuse me, I think your mouth is faster than your brains.  Does the article mention any
      amount that AML will cover?  No Offense to OFWs.  Most of them earn between $250-500 which AML law will care to bother.

      You must be an Einstein the way you insult people.  I have read some of your comments before.  You are a very angry and bitter person.  Something is wrong somewhere.  

      • boldyak

        now, if i have savings in foreign country and God forbid my family needs an immediate money worth 1,000,000 pesos, then i would be blacklisted?…if i will send 2,000,000 to pay a house and lot, i will be blacklisted?…you based only on the monthly salary?…do you think OFW’s don’t have savings abroad?…have you seen the limit they require?…if not read more…and if i say they are idyots, i am not insulting, i am saying what i know they are…

      • Bojo Mojo

        “Most” is wrong choice of word…”some” or “few” is the right one…you should never think that majority of ofws are domestic helpers….

  • Jose Rizal

    The law seems to be “good”, but the vindictive character of Noynoy would make it “bad”…so what’s the “safe-guard” to this scenario? Nada!

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