Senators on Wednesday ratified the bicameral conference committee report on the disagreeing provisions of Senate Bill 1945 and House Bill 7904 seeking to strengthen the Anti-Money Laundering Act (AMLA).
The ratification occurred during the hybrid plenary session on Wednesday.
Senator Grace Poe, chair of the committee on banks financial institutions and currencies, presented the reconciled version of the measure to the senators and enumerated several key points of the consolidated bill.
One of the key points is the inclusion of transactions in excess of P500,000 of all Philippine offshore gaming operators (POGO) as well as service providers in the scope of AMLA.
Another is the inclusion of real estate brokers and developers as covered persons in the law but only for single cash transaction involving an amount in excess of P7.5 million.
Finally, the bill also adds a provision of additional investigative powers to the Anti-Money Laundering Council, such as the power to apply for the issuance of a search and seizure warrant before and to apply for the issuance of subpoena with any competent court. “
“The present set of amendments show us that it is possible, as it has always been, to find a middle ground,” Poe said.
“Through the relentless and skillful pursuit of experts like Senators Franklin Drilon and Ralph Recto in the Senate panel and our counterpart in the House, we were able to chart a middle force that will help us both maintain our status in the international body while preserving the integrity of our current laws and legal systems,” she said.
