Legislative History
| House Bill/Resolution NO. HB06174 | |
| FULL TITLE : AN ACT TO FURTHER STRENGTHEN THE ANTI-MONEY LAUNDERING LAW, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 9160, OTHERWISE KNOWN AS THE ANTI-MONEY LAUNDERING ACT OF 2001, AS AMENDED, AND FOR OTHER PURPOSES | |
| ABSTRACT : Aims to implement plan to include legal framework addressing money laundering, terrorism financing, proliferation of financing weapons of mass destruction, and the framework for supervision of financial institutions and designated non-financial businesses and professions.Introduces therefore several amendments to Republic Act No.9160, as amended which includes:a) inclusion of real estate agents as covered persons; b) inclusion of tax crimes and violation of the Strategic Trade Management Act which indirectly includes proliferation of weapons of mass destruction as a predicate offenses to money laundering; c) enhancement of the investigative powers of the A M L C; d) authority of the A M L C to implement targeted financial sanctions on proliferation financing; e) prohibition on the issuance of injunctive relief against freeze orders and forfeiture proceedings; f) and retention of portion of forfeited assets. | |
| PRINCIPAL AUTHOR/S : CUA, JUNIE E. | |
| DATE FILED : 2020-02-04 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Lim (000 2020-10-22) | 2. Salvador-Tambunting (000 2020-10-22) |
| 3. Tan (A.) (000 2020-11-20) | |
| DATE CERTIFIED AS URGENT:2020-10-16 | |
| URGENT BILL? Yes | |
| DATE CERTIFIED AS URGENT:2020-10-16 | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| MOTHER BILL: HB07904 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2020-02-05 |
Abstract
Aims to implement plan to include legal framework addressing money laundering, terrorism financing, proliferation of financing weapons of mass destruction, and the framework for supervision of financial institutions and designated non-financial businesses and professions.Introduces therefore several amendments to Republic Act No.9160, as amended which includes:a) inclusion of real estate agents as covered persons; b) inclusion of tax crimes and violation of the Strategic Trade Management Act which indirectly includes proliferation of weapons of mass destruction as a predicate offenses to money laundering; c) enhancement of the investigative powers of the A M L C; d) authority of the A M L C to implement targeted financial sanctions on proliferation financing; e) prohibition on the issuance of injunctive relief against freeze orders and forfeiture proceedings; f) and retention of portion of forfeited assets.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.