House OKs bill on anti-money laundering law amendments on 2nd reading

The House of Representatives on Tuesday approved on second reading the measure seeking to introduce amendments to the Anti-Money Laundering Act of 2001, one of the priority legislations of President Rodrigo Duterte.

In a vote of ayes and nays, the chamber approved House Bill 7904, principally authored by House Committee on Banks and Financial Intermediaries chair Junie Cua.

The measure essentially seeks to protect and preserve the integrity and confidentiality of bank accounts and ensure that the Philippines will not be used as a venue for money laundering.

It also aims to enforce targeted transactions related to financing and proliferation of weapons of mass destruction, terrorism and financing of terrorism.

Under the bill, the scope of predicate offenses in the Anti-Money Laundering Act of 2001 is expanded to include tax crimes and violations of the Strategic Trade Management Act on the financing of the proliferation of weapons of mass destruction.

It also expands the coverage of the law to include real estate developers and brokers who engage in buying and selling of properties.

At the same time, the measure authorizes the Anti-Money Laundering Council (AMLC) to implement targeted financial transactions including ex-parte freezing of funds and assets belonging to individuals or entities listed under United Nations resolutions related to prevention of the proliferation of weapons of mass destruction.

The AMLC is likewise authorized under the measure to preserve, manage and dispose off assets subject to freeze orders or asset preservation orders.

Except for the Court of Appeals and the Supreme Court, the bill prohibits courts from issuing temporary restraining orders or writs of injunction against the AMLC in its exercise of freeze and forfeiture powers.

Speaker Lord Allan Velasco earlier committed to the passage of the measure after the President certified it as urgent.

However, Bayan Muna party-list Representative Carlos Zarate is convinced that the measure could be used against dissenters of the government along with the Anti-Terrorism Act of 2020.—LDF, GMA News