|Philippines to Amend AML Legislation|
Senators have reached a consensus to approve a bill amending the Anti-Money Laundering Act (Amla) and a bill against terrorist financing before adjourning on June 7.
The senators had been debating three bills proposing key amendments to the Amla, including striking out the requirement that the Anti-Money Laundering Council (AMLC) notify the owner of a bank deposit when applying for authority to inquire into that bank deposit, among other things.
Also being debated was the antiterrorist financing bill.
The Asia/Pacific Group on Money Laundering (APG) of the Financial Action Task Force (FATF) has warned AMLC officials that the Philippines would end up in the FATF blacklist if the AML amendments were not enacted.
The FATF, the Paris-based inter-governmental body that develops and promotes policies to combat money laundering and terrorist financing will be assessing the progress made by the Philippines when it meets in Rome from June 18 to 22.
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Published on our website on June 12, 2012