Senate may pass some AMLA amendments this week

Despite the tight schedule caused by the impeachment trial, Senate Majority Floor Leader Vicente Sotto III on Monday said they may be able to pass some of the proposed amendments to the existing Anti-Money Laundering Act (AMLA) within the week.

 

In an interview with reporters, Sotto said they may be able to approve two of the three bills seeking to amend the AMLA, which is being demanded by the Financial Action Task Force (FATF).

 

He said that they may be able to pass Senate Bills 3009 and 3127, although not Senate Bill 3123, within the week.

 

"Yung tatlo di siguro kayang [ipasa pero] yung isa siguradong mapapasa, yung terrorist financing, bukas. Yung second one, hopefully by Wednesday," he said. "I'm preparing for the AMLA amendments tomorrow morning." 

 

SB 3009 seeks to allow the Anti-Money Laundering Council (AMLC) to inquire into bank deposits based on an ex parte application and allow courts other than the Court of Appeals to issue freeze orders.

 

SB 3127, or the Terrorism Financing Prevention and Suppression Act, seeks to allow authorities to freeze terrorist funds and inquire into bank accounts even without a court order.

  

SB 3123 seeks to expand the list of entities who shall be required to report financial transactions to the AMLC to include casinos, dealiers, pre-need companies, real estate agents, trust and company providers, among others.

 

SB 3009 and 3127 are already in the plenary while SB 3123 is still pending at the committee level.

 

Malacañang had earlier urged the Senate to approve the three bills until this May, or else the FATF will put the Philippines on its blacklist.

 

The Senate will go on break on June 8 and will resume session on July 22. — Kimberly Jane Tan/RSJ, GMA News