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Velasco vows to amend AMLA

Speaker Lord Allan Velasco on Sunday vowed to pass amendments to the Anti-Money Laundering Act of 2001 under House Bill 6174.

“The House of Representatives is committed to approve the amendments to the Anti-Money Laundering Act of 2001 under House Bill No. 6174 to address concerns on our anti-money laundering law," he said in a statement.

“Cognizant of the importance to put in place more stringent provisions in AMLA, the House will see to it that the measure which aims to curb the cost of doing financial transactions of our overseas Filipino workers and the business sector, will be approved expeditiously once plenary sessions resume next month," he added.

President Rodrigo Duterte certified as urgent the proposed measure and Senate Bill 1412 seeking amendments to the AMLA.

House Majority Leader and Leyte Rep. Martin Romualdez, committed to working “harder, smarter and more efficiently when Congress resumes session on Nov. 16” to pass important legislation.

The President also certified as urgent Senate Bill 1849 to ensure that the country’s financial industry is resilient amid the challenges of the COVID-19 pandemic.

As early as June, Congress has passed its own version called the proposed Financial Institutions Strategic Transfer.

“The House of Representatives will ensure that President Duterte will be able to sign these important pieces of legislation into law at the soonest possible time," Velasco said.  

Topics: Lord Allan Velasco , Anti-Money Laundering Act , Martin Romualdez , House of Representatives , AMLA , Rodrigo Duterte
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