PNoy signs AMLA amendments

ABS-CBN News

Posted at Feb 15 2013 10:16 PM | Updated as of Feb 16 2013 06:16 AM

MANILA, Philippines – President Benigno Aquino III has signed the measure amending the Anti-Money Laundering Act (AMLA), deputy Presidential spokesperson Abigail Valte said on Friday.

The President signed Republic Act No. 10365, or the “Act Strengthening the Anti-Money Laundering Law”, on Friday, Valte said.

RA 10365, the third bill amending the AMLA, expands the list of institutions that the law covers.

Under the law, money changers, real estate dealers, and jewelry dealers are now required to report any suspicious transactions.

The law could also help the country from being blacklisted by the Financial Action Task Force (FATF).

Being blacklisted by the FATF may cause problems in cash remittances from overseas Filipino workers.

Latest data from the central bank showed that money sent home by Filipinos abroad hit a record in December, with remittances of almost $2 billion. -- Report from Junry Hidalgo, dzMM