Senate OKs bill strengthening AMLA on 3rd reading

Voting 21-0, the Senate on Monday unanimously approved on third and final reading a bill seeking to strengthen the Anti-Money Laundering Law.

Senate Bill No. 1945 introduces amendments that are seen to prevent the Philippines from being "grey-listed" by the Financial Action Task Force, a global money laundering and terrorist financing watchdog.

Among the salient provisions of the bill are the following:

• Coverage of offshore gaming operators and their service providers which are supervised, accredited or regulated by the Philippine Amusement and Gaming Corporation or any government agency to prevent money laundering in internet-based casinos;
• Inclusion of tax crimes and violation of the Strategic Trade Management Act, which indirectly includes proliferation of weapons of mass destruction as predicate offenses to money laundering;
• Enhancement of the investigative powers of the Anti-Money Laundering Council (AMLC);
• Authorization of the AMLC to implement "targeted financial sanctions" on proliferation financing;
• Authorization of the AMLC to preserve, manage or dispose assets pursuant to asset preservation order or judgment forfeiture; and
• Prohibition on the issuance of injunctive relief against freeze orders and forfeiture proceedings under AMLC's jurisdiction.

During the second reading, the senators decided to delete the provision on the inclusion of real estate developers and brokers engaged in single cash transactions over P5 million as covered persons, with an expectation that it will be taken up again and discussed further during the bicam.

The said provision was removed after debates arose regarding the "additional burden" to real estate developers and brokers on reporting to the Anti-Money Laundering Council when the same task will be carried out too by the Land Registration Authority.

The House of Representatives approved its counterpart measure on third and final reading last December 1. — BM, GMA News