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
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
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).