Duterte toughens PH’s anti-money laundering law

President Rodrigo Duterte. FILE PHOTO / PRESIDENTIAL COMMUNICATIONS OPERATIONS OFFICE

MANILA, Philippines — President Rodrigo Duterte on Friday signed into law the measure seeking to strengthen the Anti-Money Laundering Act (AMLA).

Duterte signed Republic Act No. 11521, which seeks to amend the Anti-Money Laundering Act of 2001.

Among the salient amendments of the law include granting the Anti-Money Laundering Council (AMLC) power to issue subpoenas and investigate “suspicious transactions.”

The law also granted AMLC additional power to “preserve, manage, or dispose assets pursuant to a freeze order, preservation order, or judgment of forfeiture.”

Further, it included Philippine offshore gaming operators and their service providers among the covered persons.

The strengthened anti-money laundering law also set a threshold of P25 million for tax crimes.

Lawmakers earlier said the bill’s signing into law would avoid the Philippines from being included in the gray list of Financial Action Task Force (FATF)-International Cooperation Review Group.

Inclusion in FATF’s gray list will result in additional layers of scrutiny from regulators and financial institutions, delayed processing of transactions and blocking the country’s road to an “A” credit rating.

JPV

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