Bicam OKs amendments to Anti-Money Laundering Act

MANILA, Philippines – The bicameral conference committee approved the amendments to the Anti-Money Laundering Act (Amla) Tuesday.

The bill that would strengthen the Anti-money laundering council will include foreign exchange establishments, real estate dealers, and jewelry and precious metal dealers in the list of those that should report any suspicious transactions.

A provision that includes casinos in the list was previously proposed by Senate President Juan Ponce Enrile. This provision however was not accepted by the panel of the House of Representatives during the bicameral conference.

Senator Teofisto Guingona III had said that if the Senate panel refused the removal of the provision on casinos, they would not be able to get the bill through with the limited time left.

“There is a deadlock and time is running out. If both panels maintain their position…we would have no law,” Guingona said.

The Senate is set to go into recess on Wednesday to give way to the May 2013 election campaign.

The Philippines faces being blacklisted by the International Financial Action Task Force (FATF) if it fails to pass the bill.