MANILA, Philippines – The House of Representatives last read the bill that strengthens the anti-money laundering law on Tuesday.
This measure is intended to maintain the integrity and confidentiality of bank accounts and to ensure that the Philippines is not used as a place of money laundering for the product of illicit activities.
Under this bill, the scope of the underlying crimes of the Anti-Money Laundering Act 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.
Similarly, the Anti-Money Laundering Council (AMLC) is legal to implement specific monetary sanctions, adding ex-sharee freezing of the budget and assets belonging to Americans or firms designated and indexed under United Nations resolutions on prevention, repression and disruption. proliferation of weapons of mass destruction.
AMLC must also retain, manage and dispose of assets subject to orders for the freezing or preservation of assets and retain confiscated assets pending rotation with the government.
The invoice also complements and strengthens AMLC’s investigative faculties, in its subpoena and contempt faculties.
In March of this year, amLC said the Financial Action Group had advised amending the country’s anti-money laundering legislation to its financial regulations in global standards.
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