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Bill Amending AMLA Approved on Third Reading and Passed Bicam Conference

Press Releases
6 June 2012

AMLA-on-3rd-readingSenate approved on third reading yesterday, June 5, Senate Bill 3009, a measue that aimed to strengthen the present Anti-Money Laundering Act or Republic Act 9160. The bill is heard and passed on bicameral conference today, June 6, where Senator Marcos is one of the conferees.

Senator Ferdinand R. Marcos Jr. had successfully proposed this amendment to Section 4 or the Repealing Clause of SB 3009: “Provided, that penal provisions shall not apply to acts done prior to the effectivity of the AMLA law on October 17, 2001.” “The amendment that I propose is essentially desired for protection of innocent third party who may be included in the investigation,” Sen. Marcos said.

The bicameral report on the disagreeing votes of the said measure is scheduled for ratification by the Senate this afternoon. The Senate immediately passed the bill so as to avoid the threat of Finance Action Task Force (FATF) to blacklist the Philippines if the measures are not approved before the Congress’ sine die adjournment. FATF is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing.