House okays AMLA amendments on final reading

The House of Representatives on Tuesday approved on final reading a bill strengthening the country’s anti-money laundering law. (Pexels photo)

MANILA – The House of Representatives on Tuesday approved on final reading a bill strengthening the country’s anti-money laundering law.

A total of 213 lawmakers voted in favor of House Bill 7904, which introduces amendments to Republic Act 9160, or the Anti-Money Laundering Act of 2001. Only seven voted against the bill, and three abstained from voting.

The bill expands the scope of predicate offenses by including tax crimes and violations of the Strategic Trade Management Act on the financing of the proliferation of weapons of mass destruction.

It also expands the definition of covered persons to include real estate developers and brokers who engage in the buying and selling of real properties.

The proposed law seeks to authorize the Anti-Money Laundering Council (AMLC) to implement targeted financial sanctions including the ex-parte freezing of funds and assets belonging to individuals or entities designated and listed under United Nations resolutions relating to the prevention, suppression, and disruption of the proliferation of weapons of mass destruction and its financing.

The AMLC shall also be authorized to preserve, manage, and dispose assets subject to freeze orders or asset preservation orders, and to retain forfeited assets pending turnover to the government.

The bill enhances the investigative powers of the council, particularly its subpoena and contempt powers.

With the exemption of the Court of Appeals and the Supreme Court, the courts are prohibited from issuing temporary restraining orders or writs of injunction against the AMLC in its exercise of freeze and forfeiture powers under the proposed measure.