MANILA, Philippines — The House of Representatives approved on final reading on Tuesday the bill strengthening the Anti-Money Laundering Act.
With 213 affirmative votes, seven negative, and three abstentions, the lower chamber approved House Bill No. 7904, which amends the current Anti-Money Laundering Act.
The measure seeks to protect and preserve bank accounts’ integrity and confidentiality and ensure that the Philippines will not be used as a money-laundering site for the proceeds of any unlawful activity.
It likewise seeks to enforce targeted financial sanctions on those involved in financing the proliferation of weapons of mass destruction, terrorism, and financin…
Keep on reading: House OKs bill amending anti-money laundering law