House gives final OK to bill proposing anti-money laundering law amendments

The House of Representatives on Tuesday approved on third and final reading the measure seeking to introduce amendments to the Anti-Money Laundering Act of 2001  —a priority legislation of President Rodrigo Duterte.

With 213 affirmative votes, seven negative votes, and three abstentions, 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 under 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 of 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.

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.

ACT Teachers party-list Representative France Castro shared a similar position in opposing the measure.

"Sinasawalang-bahala nito ang karapatan sa due process ng mamamayan at pinaliliit ang kapangyarihan ng mga korte bilang checks and balances laban sa paglabag sa mga karapatang ito," she said.

"At gaya ng terror law, ginagamit ng House Bill 7904 ang terorismo bilang pretext o kunwaring dahilan para gipitin ang mamamayang itinuturing bilang 'kaaway ng estado' sa pamamagitan ng asset preservation orders, freeze orders, at judgments of forfeiture," she added.

Castro believes that the passage of the measure will not be able to address terrorism.

"Hindi terorismo ang tutugisin [ng panukalang ito] at sa halip, mamamayan at ang kanilang kalayaan at demokrasya ang matutugis," she added.—AOL, GMA News