Aquino gov't hopeful Senate will pass amendment to AMLA

October 22, 2012 10:00 pm 

MANILA, Oct. 22 — The Aquino administration remains optimistic the Senate will pass the amendment to the Anti-Money Laundering Act after the Philippines managed to avoid falling into the black list of the Financial Action Task Force.

Presidential Spokesperson Edwin Lacierda issued the statement during the regular press briefing in Malacanang Monday following reports the Philippines remains on the gray list of the Paris-based FATF.

The FATF set Oct. 19, 2012 as the deadline for the Philippine lawmakers to pass the third amendment.

However, the amendment was not passed before the Senate adjourned last Oct. 17.

"Well, there was a deadline given to us. In spite of the deadline given to us they decided to retain us in the gray list and our AMLC (Anti-Money Laundering Council) has informed them that there’s the legislative process that is going on," Lacierda said.

"And the President has mentioned in his FOCAP (Foreign Correspondents Association of the Philippines) speech that he believes that the third tranche of the amendments would pass. So we’re just waiting for the Senate to deliberate on the third tranche of the amendments for AMLAC," he said.

Lacierda stressed the importance of the passage of the amendment to improve the country's laws against money laundering and terrorist financing.

"We were given until February to pass the third tranche of the amendments," he said.

Last June, the Philippines was upgraded from “dark gray” list to “gray” list by the FATF.

A dark gray listing means a country is not making sufficient progress against money laundering and terrorist financing. On the onher hand, the gray list signifies that a jurisdiction is making sufficient progress in the global campaign against money launderers and terrorists.

The Philippines will continue to contribute to and support for global efforts against money laundering and terrorist-financing in keeping with its commitment to good governance and upholding peace and order. (PNA)

HBC/PCOO/SSC

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