Bill strengthening AMLA now only needs Duterte’s signature By MA. ANGELICA GARCIA, GMA News
Published January 20, 2021 8:02pm The House of Representatives on Wednesday ratified the bicameral conference committee report on the bill aimed to strengthen the Anti-Money Laundering Act. In a statement, Speaker Lord Allan Velasco said the final version of the AMLA amendments will be immediately sent to President Rodrigo Duterte for his signature The approved bicameral version had included tax crime as a predicate offense to money laundering and set a threshold to excess of P25 million. The bicameral panel also agreed to require the submission of reports on all real estate transactions involving an excess of P7.5 million to the Anti-Money Laundering Council. It also retained the House provision granting the AMLC the power to investigate, issue subpoenas and conduct search and seizure.
As FATF s Feb 1 deadline looms, lawmakers rush to pass AMLA bill bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
2021-01-08 15:29:51
Mongolia worked with development partners and donor nations
to craft a plan that pro-actively pursued policies on anti-money laundering and
combating the financing of terrorism
Every year an estimated $2.6 trillion is lost to corruption
worldwide. This fraudulent conduct undermines the rule of law, impedes economic
development, and diverts scarce resources from schools, hospitals, and other
essential services.
Developing countries in Asia are on the front line in the
fight against this societal scourge. One strategy that these countries use to
battle corruption is to join international agreements and adopt standards that
help stanch the money that flows into and out of activities such as tax
The Financial Action Task Force (FATF) Secretariat on its website today advised via a Press Release, attached to the Grey List on “Jurisdictions under Increased Monitoring”, that The Bahamas has now been delisted from said list. This decision follows the final assessment and recommendations of the International Cooperation Review Group (ICRG) of the Americas, resulting from an onsite visit to The Bahamas between the 10th and 11th November 2020.
The FATF congratulated The Bahamas for the “significant progress” it has made in improving its AML/CFT/CFP regime. FATF’s Press Release noted that
“The Bahamas has strengthened the effectiveness of its AML/CFT system and addressed related technical deficiencies to meet the commitments in its action plan and remedy the strategic deficiencies identified by the FATF in October 2018”.