November 3, 2012, 5:53pm

http://www.mb.com.ph/articles/379864/stronger-money-laundering-law-proposed#.UJW8tmEiS80

MANILA, Philippines --- A proposed bill seeking to strengthen Anti-Money Laundering Act (AMLA) through amendments in some provisions has been approved by the House Committee on Banks and Financial Intermediaries.

Rep. Sergio Apostol (2nd District, Leyte), chairman of the House panel, said there is a need to comprehensively address the strategic deficiencies of RA 10167, which covered only two provisions of the AMLA through the needed reforms embodied in House Bill 6565 .

The bill, certified as an urgent measure by President Benigno S. Aquino III, seeks to amend several provisions of Republic Act 10167, specifically Sections 10 and 11 of the law.

House Bill 6565, authored by Speaker Feliciano Belmonte Jr. and Majority Leader Neptali Gonzales II as contained in Committee Report No. 2434 substituted House Bills 6557 authored by Rep. Juan Edgardo Angara (Lone District, Aurora) and House Bill 6611 authored by Reps. Sherwin Tugna and Cinchona Cruz-Gonzales (Party-list, CIBAC), seeks to strengthen further the anti-money laundering law by making it compliant with updated and revised international anti-money laundering counter-terrorist financing standards.

The bill, which defines money laundering as a crime under the AMLA, pertains only to the transaction or an attempted transaction of the proceeds of any unlawful activity as defined under the said Act. It does not include conversion, transfer, disposition, movement, acquisition, possession, use, concealment or disguise of the proceeds.