01 Dec 2016
Casinos, real estate developers and dealers of high-value items will have to report any cash transaction exceeding P500,000 or $10,000 to the Anti-Money Laundering Council (AMLC) to help stop any illegal fund transfers in the country.
That is, if Congress passes a proposed amendment to the Anti-Money Laundering Act (AMLA).
The Senate banks, financial and currencies committee will sponsor the amendment on the floor and start debates on it on Monday, committee chair Sen. Francis Escudero said.
Escudero has filed his committee report on the bill that seeks to amend the AMLA, or Republic Act no. 9160. Fifteen senators have signed the report.
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet