House pushes bill vs bulk cash smuggling

House leaders are pushing for House Bill 6516, the Anti-Bulk Cash Smuggling Act, to combat bulk cash smuggling which is recognized as a significant national security threat.

The bill seeks to criminalize the transport of cash exceeding P500,000 or its equivalent in foreign currency without proper declaration.

It expands the coverage of the Anti Money Laundering Act to include one-time cash transport of more than P500,000.

Albay Rep. Joey Sarte-Salceda noted that PHP28.6 billion in declared foreign currency and an estimated PHP50.1 billion in undeclared foreign currency were brought into the country from September 2019 to February 2020.

Penalties for violations include imprisonment of seven to 14 years and forfeiture of assets.

The measure appoints the National Treasurer to the Anti-Money Laundering Council (AMLC) to facilitate inter-agency cooperation.

It also expands the AMLC's powers of surveillance over airports and ports and permits civil forfeiture of seized assets.