Senate passes on 2nd reading bill strengthening AMLA

Senate passes on 2nd reading bill strengthening AMLA

SOTTO PRESIDES LAST SESSION OF 2020: Senate President Vicente C. Sotto III presides over the hybrid plenary session of the Senate, Wednesday, December 16, 2020. The Senate, which is holding its last plenary session of the year, continues its discussions on Senate Bill No. (SBN) 1945, which aims to further strengthen the anti-money laundering law. (Albert Calvelo/Senate PRIB)

MANILA, Philippines — The Senate has approved on second reading the proposed legislation that would fortify the Anti-Money Laundering Act (AMLA) before Congress goes on a month-long break during the holidays.

Senators passed Wednedsay Senate Bill No. 1945, which seeks to further amend the AMLA, which was enacted in 2001, as a response to the findings of the mutual evaluation report (MER) evaluating the country’s compliance with the 40 recommendations of the Financial Action Task Force on Money Laundering.

The proposed measure seeks to improve the functions of the Anti-Money Laundering Council (AMLC) by:

Meanwhile, the commission of tax crimes and violation of the Strategic Trade Management Act, which relates to the proliferation of weapons of mass destruction and its financing, will be considered as a predicate offense to money laundering if the proposed amendment to AMLA is enacted.

President Rodrigo Duterte certified the measure as urgent but senators opted to reject this as it came with “conditions,” supposedly violating the separation of powers between the executive and legislative branch.

https://newsinfo.inquirer.net/1372479/senate-disagrees-with-palace-certification-of-amla-bill-with-condition

The House of Representatives has already passed its version of the bill last Dec. 1.

Since the Senate opted not to avail of the certification from the President, the proposed law would not be able to pass through the third and final reading before Congress goes on break on Dec. 19.

Congress will resume sessions in January next year.

KGA
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