Philippines’ Senate to amend Anti-Money Laundering Act to cover terrorism

On August 18, Philippines’ Anti-Money Laundering Council Chief Vicente Aquino asked senators to amend the law so that terrorist financing was classified as a distinct crime.

Appearing before a hearing of the Senate Finance Committee, Aquino stated that there was a need to amend the existing Anti-Money Laundering Act (Amla) in order to enable the Philippines to comply with international standards. Currently, the Philippines is classified in the group of countries whose laws and institutions are vulnerable to money laundering.

The proposed Amla amendment would make the Philippines fully compliant with the OECD, which sets the rules in international monetary system.

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