Congress to fortify anti-money laundering law

MANILA, Philippines - The House of Representatives approved on second reading on Tuesday a measure amending the Anti-Money Laundering Act to adopt international standards against the crime.

Speaker Feliciano Belmonte, Jr. Majority Floor Leader Neptali Gonzales II and Minority Leader Danilo Suarez authored House Bill 6565 to strengthen the law signed in 2001.

The authors said in a statement Wednesday that the proposed measure updates and expands the definition of "money-laundering" to include conversion, transfer, acquisition, use, disguise and concealment of proceeds from illegal activities.

Such activities now cover terrorism, terrorist financing, trafficking of human persons, exploitation of children, corruption, bribery, forgery and environmental violations.

The bill also adds institutions that can report suspected money laundering offenses including casino, real estate agents, trust companies and dealers of precious metals and stones, Rep. Sergio Apostol, chair of House Committee on Banks and Financial Intermediaries, said.

Under the proposed legislation, the Anti-Money Laundering Council is granted the power to file a civil forfeiture case against suspected individuals and entities once a probable cause is discovered.

Besides checking policies against international statues, the bill reinforce the country's commitment as a member of Asia Pacific Group on Money Laundering with 41 other states, United Nations, International Monetary Fund and the Asian Development Bank.