President Duterte certifies as urgent bill that aims to strengthen Anti-Money Laundering Act

(Eagle News)–President Rodrigo Duterte has certified as urgent a Senate bill that would strengthen the Anti-Money and Laundering Act.

In his letter to Senate President Tito Sotto, the President certified to the urgency of the “immediate necessity of the immediate enactment” of Senate Bill. No. 1412.

The bill aims to amend Sections 2, 3, 7, 10, 12 and 20 of the law.

The President said the amendments would  allow the country to “comply with legal standards for anti-money laundering and countering terrorism financing as established by relevant international bodies.”

The sections which the bill aims to amend set forth the definitions relevant to the law, and the sanctions for violators.

“Such compliance will avoid adverse findings against the country, which could lead among others, to increased costs of doing financial transactions to the prejudice  of the business sector and our overseas Filipino workers,” the President said.