Senate OKs bill strengthening AMLA

Voting 15-0, the Senate on Monday approved on third and final reading a bill seeking to strengthen the existing Anti-Money Laundering Act (AMLA) in an effort by the government to dodge international financial blacklist. Senate Bill 3123 seeks to expand the list of entities required to report financial transactions to the Anti-Money Laundering Council by including casinos, dealers, pre-need companies, and money changers, among others. “There is a need to monitor possible money laundering activities in other institutions. More and more, 'dirty money' are being laundered by betting in casinos, buying jewelry and later on reselling them, and converting unlawfully acquired funds into real estate properties,” said the bill's sponsor, Sen. Teofisto Guingona III. The two houses of Congress will have to reconcile their versions of the bill before it can be ratified and submitted to the president for signing. If Congress fails to pass the measure soon, the Financial Action Task Force (FATF) may blacklist the Philippines, which could result in a more stringent processing of financial transactions involving Filipinos and Filipino corporations, including that of overseas Filipino workers (OFWs). Also under SB 3123, the list of “unlawful activities” has been expanded to include terrorism, conspiracy to commit terrorism, bribery, frauds and illegal exactions. It also seeks to change the definition of money laundering, which outlaws the proceeds of illegal activities that are transacted, converted, transferred, disposed of, moved, acquired, possessed, used, concealed or disguised. “SBN 3123 serves to reinforce our country’s Anti-Money Laundering legislative measures. It ultimately addresses the noted deficiencies in the Philippines’ legal framework with regard to anti-money laundering, by making our state fully compliant with international standards,” said Guingona. — Kimberly Jane Tan/KBK, GMA News