TO maintain confidence in the country’s business environment and further ensure political stability,the leadership of Speaker Lord Allan Velasco will approve the amendments to the Anti-Money Laundering Act of 2001, House Majority Leader and Leyte Rep. Martin Romualdez said.
Romualdez, chairman of the powerful House committee on rules, said the AMLA amendments under House Bill (HB) No. 6174 will be passed immediately when Congress resumes session on November 16.
“The House of Representatives under the leadership of Speaker Lord Allan Velasco will approve the amendments to the Anti-Money Laundering Act (AMLA) of 2001 under House Bill No. 6174,” said Romualdez after President Rodrigo “Rody” Duterte certified the bill as an urgent measure.
“We are committed to work harder, smarter and more efficiently when Congress resumes session on November 16. As part of our tradition, we are going to hit the ground running to pass vital pieces of legislation,” Romualdez added.
The bill which is still pending in the committee was filed by Quirino Rep. Junie Cua, chairman of the House committee on banks and financial intermediaries.
For his part, Velasco said the House of Representatives is committed to approve the amendments to AMLA to address concerns on the anti-money laundering law.
“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,” Velasco said.
“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 added.
The Chief Executive certified as urgent Senate Bill (SB) No. 1412 and its counterpart bill in the House, HB 6174, which seeks to strengthen Republic Act 9160 or the “Anti-Money Laundering Act of 2001.”
“Such compliance will avoid adverse findings against the country which could lead, among others, to increased costs of doing financial transactions, to the prejudice of the business sector and our overseas Filipino workers,” President Duterte said.Publication Source : People's Journal