Philippine Government Upgrades Fight Against Money Laundering
The Philippine government has passed a new law aimed at strengthening its anti-money laundering (AML) efforts. The law imposes stiffer penalties on individuals and entities found guilty of money laundering, with imprisonment ranging from six months to four years or a fine of not less than PHP100,000.00 but not more than PHP500,000.00, or both.
Key Provisions
- Penalties: Those convicted of money laundering will face imprisonment and/or fines.
- Incentives and Rewards: Government agencies and personnel who lead and initiate investigations, prosecutions, and convictions of persons involved in money laundering will receive special incentives and rewards.
- Protection from Political Harassment: The law prohibits political harassment or persecution, ensuring that no case for money laundering may be filed against a candidate for an electoral office during an election period.
Implementing Rules and Regulations
The Bangko Sentral ng Pilipinas, the Insurance Commission, and the Securities and Exchange Commission have been tasked to promulgate implementing rules and regulations within 30 days from the effectivity of the law. The Congressional Oversight Committee has also been created to oversee the implementation of the law and review or revise implementing rules issued by the Anti-Money Laundering Council.
Funding
The government has allocated an initial appropriation of PHP25,000,000.00 for the Anti-Money Laundering Council and will include appropriations for succeeding years in the General Appropriations Act.
Statement from Senator [Name]
“We are committed to eradicating money laundering from our financial system and ensuring that our country remains a safe haven for legitimate businesses and investments.”
Statement from Governor of Bangko Sentral ng Pilipinas
“We are committed to making our financial system more transparent and accountable.”
Impact
The new law is seen as a significant step forward in the country’s efforts to combat money laundering and terrorist financing, helping to ensure that the Philippines remains a stable and attractive destination for investments.