Philippines approves Anti-Money Laundering Bill
On August 26, 2008, the Philippines House Banks and financial intermediaries committee approved a bill that would add valuable information to the country’s already existing anti-money laundering legislation.
Co-authored by Manila Rep.Jaime C. Lopez, committee chairman, and House Speaker Prospero C. Nograles, House Bill (HB) 4784 was approved and would be supplemented by provisions in HB 3053 made by Cagayan de Oro Rep. Rufus B. Rodriguez.
The new anti-money laundering bill will expand the list of institutions and persons monitored for suspicious transactions to casinos, lawyers, accountants, real estate agents and dealers of precious metals and stones.
It is worth indicating that the Philippines’ Anti-Money Laundering Council (AMLC) is now a member of the Egmont Group and it was removed from FATF’s list of non-cooperative countries and territories in February 2005.