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Duterte certifies anti-money laundering amendment bill as urgent

President Rodrigo Duterte wants Congress to work double time to pass fresh amendments to the Anti-Money Laundering Act to avoid the Philippines being placed on the gray list by the Paris-based Financial Action Task Force.

Malacanang said the measure seeks to strengthen the investigative powers of the Anti-Money Laundering Council (AMLC) which include the authority to swiftly freeze assets of a questionable entity without the need for court approval as well as to preserve, manage or dispose of assets.

The amendments were needed to “comply with legal standards for anti-money laundering and countering terrorism financing, as established by relevant international bodies,” Duterte said.

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