Poe: Stronger AMLA to cover real estate brokers, developers

Real estate brokers and developers with single cash transactions worth more than P7.5 million will be included as covered persons in the proposed measure to strengthen the Anti-Money Laundering Act, Senator Grace Poe said Wednesday.

The Senate ratified the bicameral conference report which reconciled the disagreeing provisions of Senate Bill No. 1945 and House Bill No. 7904.

Poe said the P7.5-million cap "sufficiently narrows down the burden reportorial requirements to the high-risk transactions that are usually flagged in money laundering regimes."

To recall, the Senate previously removed the inclusion of real estate brokers and developers in its version of the bill after debates arose regarding the "additional burden" on reporting to the Anti-Money Laundering Council.

Further, the bicam agreed to the Senate proposal to include in the purview of AMLA all transactions of Philippine offshore gaming operators or POGO and service providers in excess of P500,000.

"This shows both the Senate’s and the House’s commitment in making sure that POGOs and service providers are regulated and are not made as avenues for nefarious activity in the country," Poe said.

The bicam conferees likewise concurred that the tax crime covered by the AMLA amendments shall be limited only to tax evasion.

The Anti-Money Laundering Council (AMLC) was given "additional but limited investigative powers" under the bill. This includes the power to apply for the issuance of a search and seizure warrant before any competent court, as well as the power to apply for the issuance of subpoena with any competent court.

The additional power to preserve, manage or dispose assets pursuant to a freeze order, preservation order or judgment of forfeiture was also granted to the AMLC, Poe said.

She added there is a provision that would allow AMLC to pursue tax evasion-related investigations in coordination with the Bureau of Internal Revenue, while also maintaining AMLC’s independence from BIR and vice versa.

The passage of the said law is seen to prevent the Philippines from being grey-listed by the Financial Action Task Force, a global money laundering and terrorist financing watchdog.

Once signed by the President and published, the law shall take effect immediately, according to Poe. -NB, GMA News