MANILA – President Rodrigo Duterte signed the Republic Act No. 11521 amending the Anti-Money Laundering Act on Friday.
The new law aims to protect the integrity and confidentiality of bank accounts and to prevent money laundering in the country. It further expands the coverage of activities and persons subject to scrutiny by the Anti-Money Laundering Council (AMLC).
R.A. No. 11521 covers Philippine Offshore Gaming Operators, particularly transactions exceeding P500, 000, real estate developers and brokers engaging in single cash transactions worth more than P7.5 million.
Under the new law, the AMLC is granted the authority to investigate, and in doing so apply for a search and seizure order or subpoena with any competent court. It also has the power to preserve, manage, or dispose assets pursuant to a freeze order, preservation order, or judgment of forfeiture.
The AMLC can also freeze assets and funds from individuals in the UN Security Council’s list of terrorists and their financiers. The AMLC earlier said the enactment of the Anti-Terrorism Act will also help the country avoid being gray listed by the FATF.
The law states no court can issue temporary restraining orders or writs of injunction against any asset preservation order, with the exemption of the Court of Appeals and the Supreme Court. (CNN/PN)
