(Eagle News)–President Rodrigo Duterte has signed a law giving the authorities more power to run after suspected money launderers, thereby strengthening the Anti-Money Laundering Act,
With the signing of Republic Act No. 11521, the Anti-Money Laundering Council is empowered to issue subpoenas and probe “suspicious transactions” and to “preserve, manage, or dispose assets pursuant to a freeze order, preservation order, or judgment of forfeiture.”
The list of covered persons was also expanded to include real estate developers, brokers, and Philippine offshore gaming operators and their service providers.
The law also increased the amount of covered transaction to a single cash transaction of over P7.5 million or its equivalent.
The AMLC was given up to 90 days to come up with the law’s Implementing Rules and Regulations.
The law will take effect after its publication in the Official Gazette or newspapers of general circulation.
President Duterte’s signing of the law came after the Financial Action Task Force, a global watchdog, gave the Philippines until Feb. 1 to make changes to the AMLA to, among others, prevent terrorism financing.
Strengthening the law would mean the Philippines would avoid being grey-listed by the watchdog, which would mean an “additional layer” of scrutiny from regulators and financial institutions, delayed processing of transactions and a block of the country’s road to an “A” credit rating.