House commits to pass anti-money laundering law amendments

The leadership of the House of Representatives on Sunday assured the public that the chamber will pass the amendments to the Anti-Money Laundering Act (AMLA) of 2001 under House Bill 6174.

This was after President Rodrigo Duterte certified as urgent the said House measure as well as Senate Bill 1412, which both seek amendments to the AMLA.

"The House of Representatives is committed to approve the amendments to the Anti-Money Laundering Act (AMLA) of 2001 under House Bill No. 6174 to address concerns on our anti-money laundering law," said Speaker Lord Allan Velasco in a statement.

"Cognizant of the importance to put in place more stringent provisions in AMLA, the House will see to it that the measure which aims to curb the cost of doing financial transactions of our overseas Filipino workers and the business sector, will be approved expeditiously once plenary sessions resume next month," he added.

House Majority Leader Martin Romualdez issued a similar statement.

"We are committed to work harder, smarter and more efficiently when Congress resumes session on November 16," he said.

"As part of our tradition, we are going to hit the ground running to pass vital pieces of legislation," he added.

Apart from the measures proposing amendments to the AMLA, the President also certified as urgent Senate Bill 1849, which seeks to ensure that the Philippine financial industry is resilient amid the challenges of the COVID-19 pandemic.

The House has already approved its version of the measure, called the proposed Financial Institutions Strategic Transfer, last June.

"The House of Representatives will ensure that President Duterte will be able to sign these important pieces of legislation into law at the soonest possible time," Velasco said. —LBG, GMA News