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.