The Philippine Senate has until the end of May to pass a bill amending the Anti-Money Laundering Act (AMLA) to avert a possible blacklist scenario that would exact a heavy toll on the country’s overseas Filipino workers (OFWs).
Mindful of this deadline imposed by the Paris-based Financial Action Task Force, Senator Teofisto “TG” Guingona III repeated his call for the immediate passage of the bill amending the AMLA, as well as the proposed measure against terrorist financing.
Whether the Upper House would be able to pass these bills before the end of May FATF-imposed deadline remains to be seen.
The Senate is having two separate undertakings – as a legislative body passing bills and acting on resolutions, among others, and as an impeachment court in the trial against Chief Justice Renato C. Corona.
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