House leaders present new AMLA bill

MANILA, Philippines - Speaker Feliciano Belmonte Jr. and two other leaders of the House of Representatives have presented a new bill that introduces several changes in the Anti-Money Laundering Law (AMLA).

Bill 6565, authored by Belmonte, Majority Leader Neptali Gonzales ll and Minority Leader Danilo Suarez, consolidates at least three related measures seeking to amend the law against the laundering or hiding of funds generated from illegal activities here or abroad.

The country is amending its AMLA upon recommendation of the Financial Action Task Force (FATF), an international watchdog against money laundering.

Belmonte, Gonzales and Suarez said their consolidated bill conforms to new international standards in the fight against money laundering set forth by the FATF and the United Nations.

“There is indeed an urgency to put more teeth to the country’s anti-money laundering law, not only to make the Philippines compliant with international standards but to protect its financial integrity and economic development,” they said.

Bill 6565 expands the list of covered institutions and individuals to include not only banks, insurance companies and investment houses, but as well as corporations dealing in foreign exchange, and in the remittance, payment and transfer of funds.

Also covered are pre-need companies, casinos, real estate companies and agents, dealers in precious metals and stones, managers of funds and securities, and arrangers and managers of companies and buyout deals.

The list of covered crimes would be expanded to include terrorism and conspiracy to commit terrorism, bribery and corruption of public officers, juggling of public funds, forgeries and counterfeiting, violations of the Anti-Trafficking in Persons Act of 2003, illegal trade in firearms, and violations of laws against wildlife, and conservation of forestry and mineral resources.

The bill also widens the definition of money laundering to cover the conversion, transfer, disposition, movement, acquisition, possession, use, concealment or disguise of proceeds from an unlawful activity.

Money laundering is committed not only by the person directly involved in the crime but as well as by one who, knowing he has to report a monetary instrument or property to the Anti-Money Laundering Council (AMLC), fails to do so.

Bill 6565 authorizes the AMLC to file a case for forfeiture if it determines that any monetary instrument or property is related to an unlawful activity.