Racing to beat the June deadline of Paris-based Financial Action Task Force (FATF), Sen. Francis Escudero on Wednesday announced that he is ready to deliver the sponsorship speech on December 5 for the amended Anti-Money Laundering Act or Republic Act 9160.
The lawmaker said the Senate is determined to pass the bill before the deadline or else “they might make it difficult for our overseas Filipino workers.”
Last Monday, the committee report of the Senate Committee on Banks, Financial Institutions and Currencies, of which he is the chairman, has been signed by majority of the members.
“We can finally be compliant with the requirements set by the FATF and we would be free from sanctions, particularly on our refusal to include casinos in the AMLA,” Escudero told reporters.
Included in the amended AMLC law are dealers in precious metals, dealers in high value goods, real-estate brokers, lawyers and accountants acting in behalf of clients whenever they receive cash exceeding P500,000 and the casinos.
Those using checks, instead of cash, cannot escape AMLA either. Checks are subject to reportorial requirements by the bank, making it easier to trace money laundering.
Barring impediments, the Senate and the House of Representatives are targeting passage of the bill by the first quarter of 2017.