RP legislators to rush passage of anti-money laundering law

RP legislators to rush passage of anti-money laundering law
DPA
Manila

Philippine legislators on Monday vowed to rush the passage of
an anti-money laundering law to meet a deadline set by an
international financial watchdog, which has threatened to impose
economic sanctions for failure to do so.

The Paris-based Financial Action Task Force (FATF) has given
the Philippines until Sept.30 to pass a law curbing the flow of
dirty money into the country or sanctions will be imposed.

The sanctions that may be imposed against Philippine banks by
the FATF, made up of representatives from the world's seven most
developed countries, could include a reduction in grants, rigid
access to credit and negative investment advisories.

Senator Ramon Magsaysay, chairman of the Senate's committee on
banks and financial institutions, said the upper chamber plans to
devote most of its time on the anti-money laundering bill in the
next three to four days.

"We will exert all efforts to pass the law by the deadline,"
he said in a television interview. "I told my colleagues that
this is in compliance with our commitment to the FATF to make
money laundering a criminal offense."

Magsaysay's committee is scheduled to submit the bill for
deliberations later Monday.

Magsaysay said there were "very few differences" between the
Senate and House versions, but he did not rule out possible
amendments during debate at the Senate plenary sessions.