The House of Representatives has approved a bill amending the Anti-Money Laundering Law to strengthen the government’s campaign against money laundering.
Bill 4275 expands the definition of money laundering and the list of crimes and institutions covered by the law.
The present law defines money laundering as a “crime whereby the proceeds of an unlawful activity… are transacted, thereby making them appear to have originated from legitimate sources.”
Under the bill, the crime of money laundering is committed when proceeds from an illegal activity “are transacted, converted, transferred, disposed of, moved, acquired, possessed, used, concealed or disguised, thereby making them appear to have originated from legitimate sources.”
The government however fears the Financial Action Task Force (FATF) would still blacklist the Philippines as the Senate will not be able to pass on time the bills on terrorist financing suppression and the amendments to the Anti-Money Laundering Act (AMLA).
Sen. Sergio Osmeña III, Senate committee on banks, financial institutions and currencies chairman, said the Senate cannot pass all three bills by the end of May this year because of the impeachment trial of Chief Justice Renato Corona.
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