The House of Representatives is now looking at including the sale of vehicles and real estate in the transactions that will be covered by the expanded Anti-Money Laundering Act (Amla).
This was disclosed by the chairman of the House Committee on Banks and Financial Intermediaries, PDP-Laban Rep. Ben P. Evardone of Eastern Samar.
Evardone said the members of his committee are eyeing to file several measures expanding further the coverage of the Amla to include cockfighting, purchase of paintings, selling of cars, real-estate business and financial activities of various companies involving P5 million per every transaction.
These measures, he noted, are needed to strengthen the powers of the Anti-Money Laundering Council.
“We are now studying to file several measures to include cockfighting, purchase of paintings, selling of cars, real-estate business and financial activities of various companies involving P5 million per every transaction in the coverage of Amla. We will do this one by one,” he said.
“But these proposals were not part of the amendment that we approved in May. We are in a hurry to pass the bill to include casinos because we do not want to get blacklisted by the international community,” Evardone added.
Before adjourning sine die in May, the House of Representatives has passed on third and final reading House Bill 5663 expanding the coverage of Anti-Money Laundering Act of 2001 to include casino operators, as well as Internet and ship-based casinos and chipwashing, or junket operators, with respect to their casino financial transactions.
The bill is pending before the Senate Committee on Banks, Financial Institutions and Currencies.
Under the bill, to be covered includes a transaction in cash or other equivalent monetary instrument involving a total amount in excess of P500,000 within one banking day, while for covered persons under this Act, a single casino financial transaction involving an amount in excess of P5 million or its equivalent in any other currency: provided that the said threshold may be adjusted by the council based upon the recommendation of the Congressional Oversight Committee.
According to Evardone, the amendments were intended not only to further strengthen the law, but also to make it fully compliant with the United Nations Convention against Transnational Organized Crime (2000 Palermo Convention) and related UN Conventions, such as the UN Convention Against the Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988 Vienna Convention) and the UN Convention Against Corruption (2003 Merida Convention), and the international standards on combating money laundering and terrorist financing set by Financial Action Task Force (FATF) through its Revised 40 Recommendations.
The Amla was enacted in 2001 in reaction to the inclusion of the country by the FATF in the “Non-Cooperative Countries and Territories” list, also known as the “black list”. It has undergone three amendments so far, in 2003, 2012 and 2013.
He also said the passage of the measure would toughen up Amla following the $81-million Bangladeshi cyber heist last year. The diversion of Bangladeshi funds by hackers to Rizal Commercial Banking Corp. that reportedly ended in the hands of local casinos exposed the vulnerability of the country’s establishments to illegal activities.
“This will enhance the country’s competitiveness and transparency of financial transactions. This will also improve the image of the gaming industry as a haven for investors,” Evardone said.