Posted on

By Prince Golez

President Rodrigo Duterte has called for swift passage of the bill that will strengthen the country’s anti-money laundering governance.

In his October 16 letters to Senate President Vicente Sotto III and House Speaker Lord Allan Velasco, Duterte certified as urgent Senate Bill No. 1412 and House Bill No. 6174, which seek to strengthen Republic Act No. (RA) 9160 or the “Anti-Money Laundering Act of 2001.”

Duterte’s certification will ensure that the Philippines “comply with legal standards for anti-money laundering and counterterrorism financing, as established by relevant international bodies.”

Such compliance, he added, “will avoid adverse findings against the country which could lead, among others, to increased costs of doing financial transactions, to the prejudice of the business sector and our overseas Filipino workers.”

RA 9160 seeks to protect and preserve the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money-laundering site for the proceeds of any unlawful activity.

Bills certified as urgent are exempt from the three-day rule in approving bills on second and third readings.

Leave a Reply

Your email address will not be published. Required fields are marked *