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Noy signs 2 AMLA amendments By Fernan J. Angeles 06/20/2012

Wednesday, June 20, 2012

Noy signs 2 AMLA amendments

By Fernan J. Angeles 06/20/2012

Moments after President Aquino signed “An Act To Further Strengthen The Anti-Money Laundering Law,” the new law providing sharper fangs on similar enactments, to wit: the Republic Act 9160 of the Anti-Money Laundering Act of 2001 and RA 9194, the superceding law that had the former revoked, Budget Secretary Florencio Abad claimed that the country has rid itself of an old stigma as the best place to hide wealth from unknown, even illegal sources.

Aquino’s top budget manager said the new anti-money laundering law was equipped with stipulations guaranteeing the privacy of individuals or groups from whom or to whom suspiciously huge funds come from or are bound to land, but without compromising the integrity of the Philippine banking and fund transfer systems and always promoting the national interest.

“Through this measure, the Aquino administration can strengthen Republic Act 9160, or the ‘Anti-Money Laundering Act (AMLA) of 2001’ by restoring the Anti-Money Laundering Council’s authority to freeze assets allegedly proceeding from criminal activity. The newly signed law also reinstitutes the rewards-and-incentives system that was originally in place under RA 9160—but which was later revoked by RA 9194—as well as expands the scope of crimes identified in the AMLA, among others..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/nation/20120620nat1.html

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