Senate approves on 2nd reading 2 amendments to AMLA

MANILA, Philippines—The Senate late Monday night approved on second reading two amendment bills pertaining to the Anti-Money Laundering Act (AMLA) just days before they go on sine die adjournment.

These are Senate Bill 3009, which introduces a new provision on ex-parte (without notice to the other party) applications for bank inquiries by the Anti-Money Laundering Council, and SB 3127, or the anti-terrorist financing bill.

SBs 3127 and 3009 are two of three bills amending the AMLA that the Senate needs to pass in order for the Philippines to be stricken out from the blacklist of the Financial Action Task Force (FATF). The FATF is a Paris-based inter-governmental body that develops and promotes policies against money laundering and terrorist financing. FATF will be assessing the progress made by the Philippines in the fight against money laundering from June 18 to 22.

The third bill, SB 3123, aims to expand the coverage of the AMLA to include several institutions and individuals like foreign exchange corporations, money changers, remittance and transfer companies, pre-need firms, casinos, real estate agents and dealers of precious minerals.

The passing of the three bills have been delayed due to the impeachment trial of Chief Justice Renato Corona who was removed from office last week after a 44-day trial, which began January.

The Senate aims to pass all three bills before they adjourn on June 7.