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Prez Duterte orders urgent passage of bills to strengthen anti-money laundering law

President Rodrigo Roa Duterte talks to the people after holding a meeting with the Inter-Agency Task Force on the Emerging Infectious Diseases (IATF-EID) core members at the Malago Clubhouse in Malacañang on October 5, 2020. ALBERTO ALCAIN/ PRESIDENTIAL PHOTO

President Rodrigo Roa Duterte has certified two new bills as urgent in order to strengthen the Anti-Money Laundering Act and to ensure the country’s financial industry amid the coronavirus pandemic.

Duterte certified as urgent on October 16 House Bill 6174, and Senate Bill 1412 both seeking amendments to the AML Act.

“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,” Duterte said in separate letters addressed to House Speaker Lord Allan Velasco and Senate President Vicente Sotto III, and was released to the media on Saturday.

The said move would “strengthen financial initiatives towards national economic recovery and maintain the stability of the financial sector amidst the COVID-19 pandemic,” according to the letter the President sent to Sotto.

This is the third time this week that Duterte called to certify a bill as urgent.

On Wednesday, he ordered the speedy passage of Senate Bill No. 1844, formally titled “An act authorizing the President to expedite the processing and issuance of national and local licenses, permits, and certifications.”

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