Philippines: Palace likes money launder law ammended before Lenten break


After issuing a warning that the Philippines can get blacklisted by the Financial Action Task Force (FATF) for being a haven for dirty money, President Aquino now hopes Congress would pass a stronger Anti-Money Laundering Act (AMLA) without him calling for a special session.

The ball is now in the hands of the Senate who may opt to act before the Lenten break on a bill seeking to amend the AMLA to strengthen the government’s campaign against dirty funds that the House of Representative earlier approved.

House Bill 4275 expands the definition of money laundering and the list of crimes and institutions covered by the law.

Deputy presidential spokesperson Abigail Valte said Executive Secretary Paquito Ochoa Jr. had conveyed the government’s concern to lawmakers early on.

“As to the four session days, we believe that the Senate already is aware of the concerns and that they will ensure that these measures will be passed in time,” she said.
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