Photo Release

Anti-Poor Amendment to Anti-Money Laundering Act: Sen. Cynthia Villar during the virtual hearing of the Committee on Banks, Financial Institutions and Currencies, Wednesday, October 28, 2020, expresses her support for a higher threshold for real estate buyers in the Philippines as an amendment to Republic Act 9160 or the Anti-Money Laundering Act of 2001. Villar said she supports amending the law but not to the detriment of the poor and the middle class which will be the consequence of a proposal requiring real estate agents to report cash transactions amounting to P1 milion and above to the Anti-Money Laundering Council. “Those buying houses from P1 million to P5 million are not launderers; they are just low-income, middle-income Filipinos trying to own a home. So your provision on housing in the Anti-Money Laundering Act, that’s against the poor and the middle class of the Philippines,” Villar said. (Screen grab/ Senate PRIB)