[ad_1]
The House of Representatives approved the bill on second reading that further strengthens the country’s anti-money laundering law.
Voting by voice on Tuesday night, lawmakers passed House Bill 7904, which seeks to amend the Anti-Money Laundering Act of 2001, as amended, to protect and preserve integrity. and confidentiality of bank accounts and ensure that the Philippines is not used. as a money laundering site for the proceeds of any illegal activity.
HB 7904, which is one of the priorities of the 18th Congress, is expected to pass in the third and final reading next week.
The bill, sponsored by the chairman of the House Committee on Banks and Financial Intermediaries, Junie E. Cua, aims to facilitate the prosecution of people involved in money laundering activities wherever they are committed by extending the government cooperation in transnational investigations into money laundering cases.
The measure also seeks to enforce specific financial sanctions related to the financing of the proliferation of weapons of mass destruction, terrorism and the financing of terrorism in accordance with the relevant United Nations Security Council resolutions.
The bill broadens the scope of predicate offenses by including tax offenses and violations of the Strategic Trade Management Law on financing the proliferation of weapons of mass destruction.
It also broadens the definition of covered individuals to include real estate developers and brokers who are engaged in the buying and selling of real estate.
The measure authorizes the anti-money laundering council to implement specific financial sanctions, including ex parte freezing of funds and assets belonging to individuals or entities, designated and listed in United Nations resolutions related to prevention, suppression and disruption. of the proliferation of weapons of mass destruction and their financing.
The bill also authorizes the Anti-Money Laundering Council (AMLC) to preserve, manage and dispose of assets subject to freezing orders or asset preservation orders, and to hold forfeited assets pending their transfer. to the government.
It enhances and strengthens the investigative powers of the AMLC, particularly its powers of subpoena and contempt.
The bill prohibits courts from issuing temporary restraining orders or injunctions against the AMLC in its exercise of freezing and forfeiture powers, with the exception of the Court of Appeals and the Supreme Court.
Previously, the AMLC asked Congress to immediately pass the bill amending the Anti-Money Laundering Act, or AMLA, to address strategic deficiencies in the country’s law.
The AMLC warned that failure to amend weak areas may place the Philippines in the gray-listed jurisdiction and even on the Financial Action Task Force (FATF) blacklist.
The FATF publicly identifies jurisdictions that have strategic deficiencies in the fight against money laundering and terrorist financing.
According to AMLC, legislative deficiencies and amendments should include tax offenses and proliferation funding under AMLA.
