Friday, February 15, 2013

Aquino signs into law Republic Act 10365 strengthening AMLA

From the  Philippine News Agency (Feb 16): Aquino signs into law Republic Act 10365 strengthening AMLA

President Benigno Aquino III Friday signed into law Republic Act No. 10365 or "An Act Further Strengthening the Anti-Money Laundering Act" (AMLA).

This was divulged by Deputy Presidential Spokesperson Abigail Valte in a text message. Under the new law, it expands the list of entities required to report financial transactions to the Anti-Money Laundering Council by including pre-need companies, money changers, real estate agents, and dealers of precious stones and metal, among others.

Aside from expanding covered entities, RA 10365 also enumerates additional predicate crimes such as trafficking in persons, bribery, counterfeiting, fraud and other illegal exactions, forgery, malversation, environmental crimes, and terrorism and its financing.

"This bill serves to reinforce our country's Anti-Money Laundering legislative measures and addresses deficiencies in the Philippines' legal framework with regard to anti-money laundering, as stated by the Paris-based FATF (Financial Action Task Force)," said Senator Teofisto Guingona III earlier.

Under the AMLA, the crime of money laundering is limited to the transaction of laundered funds and property. It also requires that the accused enter into a contract of sale, donation, or similar transactions before he or she can be made liable.

Guingona said with the approval of the amendments to AMLA, the government can now go after those who engage in the conversion, transfer, movement, disposal of, possession, use, and concealment or disguise, of the monetary proceeds of a criminal act.

The Philippines would also be spared from being blacklisted by the FATF, which could result in a more stringent processing of financial transactions involving Filipinos and Filipino corporations, including that of overseas Filipino workers (OFWs).

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.