The Senate will start hearing the proposals to amend the Anti-Money Laundering Act to help boost the government’s efforts against the entry and flow of illegal money in the Philippines.
“The sooner we are able to plug the gaps in the current law, the better it is for our financial system, so it will be insulated from the movement of dirty money,” she added. Poe said officials from the Anti-Money Laundering Council , Department of Finance, Bangko Sentral ng Pilipinas, Bureau of Internal Revenue, Department of Justice, Department of National Defense, Department of Foreign Affairs, Philippine Amusement and Gaming Corp., and Professional Regulation Commission were invited to the virtual hearing.
The bill, authored by Poe, proposes to enhance the investigative powers of the AMLC and authorize it to implement “targeted financial sanctions” on proliferation financing and to preserve, manage, or dispose assets subject to asset preservation order and judgment forfeiture.
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