Acting Labor and Employment Secretary Manuel Imson said the deployment of OFWs abroad could be delayed or even stopped if a new anti-money laundering law is not immediately enacted.
"Failure to enact the anti-money laundering law will not only affect the remittances from the OFWs but also the hiring activities because it could cause delay in bank transaction of foreign nationals who are planning to hire Filipino workers," he said.
Imson said it is necessary to pass a new law to spare the seven million OFWs from "bank scrutiny" which could delay remittances to their families back home.
"Some foreign employers and principals are worried that delay in the passage of the (new) Anti-Money Laundering Act could adversely affect the hiring of OFWs," he said
Imson said the Department of Labor and Employment has received petitions from 127 OFW organizations in Hong Kong, Italy, South Korea, Israel, Qatar and Saudi Arabia for the passage of a new anti-money laundering law.
"OFWs have realized the importance of the Anti-Money Laundering Law that they are exerting all efforts to pressure Congress to enact the measure," he said.
Imson said OFWs send home about $8 billion annually or over $1,000 per individual, which is "way below" the universal $10,000 threshold set by the Paris-based Financial Action Task Force (FATF) for scrutiny.
OFWs and manpower recruiters will march to Congress today to let their sentiments known to the lawmakers, Imson added.
Earlier, three committees at the House of Representatives endorsed major amendments in Republic Act 9160, known as the Anti-Money Laundering Law, including the lowering of the amount for the reporting threshold to P500,000.
Minutes after the committees’ vote, Speaker Jose de Venecia Jr. said the House will pass an amended version of the law this week or next week.
"For the sake of our overseas workers and other sectors affected, we will certainly make changes in the law," he said.
The FATF has set Feb. 12, 2003 as the deadline for the Philippines to amend its law to make it more effective.
The task force groups developed countries led by the United States that are waging a global war against "dirty" money and the illegal activities that generate it.
The House committees – banks, justice and economic affairs – recommended changes that the FATF has suggested in letters to the Anti-Money Laundering Council (AMLC) created by RA 9160.
Gov. Rafael Buenaventura of the Bangko Sentral ng Pilipinas chairs the council. His two members are the heads of the Securities and Exchange Commission and the Insurance Commission.