President Rodrigo Duterte on Saturday has certified as urgent two more measures that will strengthen the Anti-Money Laundering law and ensure the resiliency of the Philippine financial industry amid the coronavirus disease (COVID-19) pandemic.
The President – in his letters to Senate President Vicente Sotto III and House Speaker Lord Allan Velasco – said that he wanted the immediate passage counterpart bills House Bill No. 6174 and Senate Bill No. 1412 for the Philippines to comply with legal standards for anti-money laundering and counterterrorism financing, as established by relevant international bodies.
He added that such compliance will avoid adverse findings against the country which could lead, among others, to increased costs of doing financial transactions, to the prejudice of the business sector and overseas Filipino workers.
Meantime, the President also certified as urgent Senate Bill No. 1849 or “An act ensuring Philippine Financial Industry Resiliency Against COVID-19 Pandemic,” saying that it would strengthen financial initiatives towards national economic recovery and maintain the stability of the financial sector amidst the COVID-19 pandemic.