MANILA, Philippines — The Senate has approved on second reading the proposed legislation that would fortify the Anti-Money Laundering Act (AMLA) before Congress goes on a month-long break during the holidays.
Senators passed Wednedsay Senate Bill No. 1945, which seeks to further amend the AMLA, which was enacted in 2001, as a response to the findings of the mutual evaluation report (MER) evaluating the country’s compliance with the 40 recommendations of the Financial Action Task Force on Money Laundering.
The proposed measure seeks to improve the functions of the Anti-Money Laundering Council (AMLC) by:
Enhancing its investigative powers through express powers of deputiz…
Keep on reading: Senate passes on 2nd reading bill strengthening AMLA