A joint Senate panel led by Senator Grace Poe will gather top officials to discuss amendments to the Anti-Money Laundering Act (AMLA) to bolster government’s efforts in combating the concealment and flow of illegal money in the country.
Poe’s committee on banks, financial institutions and currencies, joint with the justice and human rights panel, will hold a virtual public hearing on Wednesday, October 28 at 10:30 a.m.
“We expect to have an all-hands-on-deck involvement of top officials of concerned agencies in tackling this vital anti-corruption and economic stability measure,” Poe said.
Officials from the Anti-Money Laundering Council, Department of Finance, Bangko Sentral ng Pilipinas, Bureau of Internal Revenue, Department of Justice, Department of National Defense, Department of Foreign Affairs, Philippine Amusement and Gaming Corp., and Professional Regulation Commission are expected to attend the hearing.
The joint panel will discuss Senate Bills 1412 and 1545 that seek to amend Republic Act 9160 or the AMLA.
The President has certified the AMLA amendment measure as urgent.
“The sooner we are able to plug the gaps in the current law, the better it is for our financial system, so it will be insulated from the movement of dirty money,” Poe said.
The Anti-Money Laundering Council earlier stated that the Philippines is in danger of being “gray-listed” by the Financial Action Task Force if the country fails to pass the necessary amendments to the AMLA by February 2021.