BSP eyes passage of AMLA, HSA amendments before October

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno expressed optimism that amendments to the Anti-Money Laundering Act (AMLA) and the Human Security Act (HSA) will be passed before October to prevent the Philippines from being placed on the FATF gray list.

The Philippines is currently in a 12-month observation period, which began in October, to implement necessary legal reforms.

President Rodrigo R. Duterte will certify the AMLA and HSA amendment bills as urgent to expedite their passage.

Finance Secretary Carlos Dominguez III stated that the President also recommended enhanced monitoring and investigation by the Bureau of Customs (BOC) and the Anti-Money Laundering Council (AMLC).

The Anti-Money Laundering Council (AMLC) executive director Mel Georgie Racela urged Congress to pass the necessary legislative amendments, stressing that tax crimes and proliferation financing should be included as unlawful activities under AMLA.

Racela also recommended that real estate developers and brokers be included as covered persons, and a framework for targeted financial sanctions for proliferation financing be proposed.

Other proposed amendments include expanding the investigative powers of the AMLC and prohibiting injunctions against its freeze and forfeiture powers.