Photo Release

Amending the Anti-Money Laundering Act: Sen. Grace Poe, chairperson of the Committee on Banks, Financial Institutions and Currencies, on Wednesday, October 28, 2020, presides over the virtual hearing on Senate Bill Nos. 1412 and 1545 seeking to amend Republic Act No. 9160 or the Anti-Money Laundering Act of 2001. In her opening statement, Poe stressed that the country is facing another urgent period of review to determine the efficiency of the current legal framework in the fight against money laundering. “This is thus our chance to remedy the gaps in our laws, failure to address the gaps revealed in the latest evaluation will put us in the grey list. This simply means that the Philippines will become a high-risk jurisdiction in terms of financial transactions,” Poe said. (Screen grab/ Senate PRIB)