MANILA, Philippines - A bill seeking to amend the Anti-Money Laundering Law has been approved in the House of Representatives.
Bill 4275 expands the definition of money laundering and the list of crimes and institutions covered.
The present law defines money laundering: “A crime whereby the proceeds of an unlawful activity...are transacted, thereby making them appear to have originated from legitimate sources.”
In the bill, the crime of money laundering would be committed when proceeds from an illegal activity “are transacted, converted, transferred, disposed of, moved, acquired, possessed, used, concealed or disguised, thereby making them appear to have originated from legitimate sources.”
The proposed changes seek to punish even those who “attempt to transact, convert, transfer, dispose of, move, acquire, possess, use, conceal or disguise” such proceeds.
It would also punish anyone who “performs or fails to perform any act as a result of which he facilitates the offense of money laundering” or who fails to report to the Anti-Money Laundering Council any monetary instrument or property that is the product of an illegal activity.
Representatives Rufus Rodriguez of Cagayan de Oro City, his brother Maximo of Abante Mindanao, Roy Golez of Parañaque, Bernadette Herrera-Dy of Bagong Henerasyon, Arthur Defensor Jr. of Iloilo, and Marcelino Teodoro of Marikina are the principal authors of Bill 4275.
The bill also seeks to expand the list of crimes under the Anti-Money Laundering Law from 12 to 24.
Among the new crimes are terrorism, conspiracy to commit terrorism, financing of terrorism, bribery and corruption of public officers, misappropriation of public funds and property, trafficking in persons and illegal recruitment, violations of forestry and mining laws, illegal manufacture or dealing in firearms and ammunition, and violations of the anti-fencing law.
The original list of “predicate” crimes includes kidnapping for ransom, violations of the law against dangerous drugs, violations of the anti-graft law, robbery and extortion, illegal gambling, piracy on the high seas, swindling, smuggling, and hijacking.
Entities required to report suspicious transactions to the Anti-Money Laundering Council would include pawnshops, money changers, remittance agencies, casinos, including Internet casinos, real estate agents, dealers in precious metals and stones, trust companies, and persons managing funds, securities and other assets for clients.
Institutions covered under the present law are banks, non-banks, insurance companies, and similar entities regulated by the Bangko Sentral ng Pilipinas, the Insurance Commission and the Securities and Exchange Commission.
