The House of Representatives on Wednesday has adopted the Senate version of a bill seeking to impose penalties against using of financial accounts to commit scams.Through viva voce voting, the lower chamber approved the adoption of Senate Bill No. 2560 as amendment to House Bill No. 7393 . This means that it is now up for President Ferdinand Marcos Jr.’s signature.
The bill also penalizes social engineering schemes or obtaining sensitive information of another person through fraud, resulting in unauthorized access and control over the person’s financial account.Also punishable if enacted into law are activities that lead to economic sabotage.The proposed measure penalizes money muling activities of six to eight years of imprisonment, and a fine of up to P500,000.
Senate Bill No. 2560 Anti-Scamming Bill Money Muling Phishing Social Engineering Economic Sabotage
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