MANILA, Philippines — The House of Representatives approved on Tuesday House Bill No. 7904, which seeks to strengthen the Anti-Money Laundering Act.
The lower chamber approved the bill through voice voting.
The measure seeks to protect and preserve the integrity and confidentiality of bank accounts and to 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 financing of terrorism.
Under the bill, the scope of predicate offenses in the anti-money laundering law i…
Keep on reading: House OKs on 2nd reading bill amending anti-money laundering law