The fortified Anti-Money Laundering Act is a “fresh signal to investors to put their trust and money into the financial system to help bring around the economy,” Senator Grace Poe said on Saturday.
“With a more robust system in place of catching fraudsters, businesses, creditors and the international community can look to the Philippines anew with renewed confidence,” said the chair of the Senate banks and financial institutions committee, who sponsored the AMLA bill in the Senate.
“As we rise from the battering of the Covid-19 pandemic, we need the resources of people willing to put in their investments to enliven our sectors, generate jobs and give our people sustainable income,” Poe said.
She said the new AMLA “also sends a clear message to the world that the hard-earned money of our overseas Filipino workers go through the legitimate channels when sent to their families in the country.”
“It is only fitting to protect the remittances of our OFWs, who help keep our economy afloat,” Poe said.