What's the good news? Real estate brokers and agents are excluded in the amended AMLA. If you are familiar with AMLA, then you know why this is such a great news.
For a starter, those corporations, associations, professions and jobs" included" in the AMLA are required to report to the Anti-Money Laundering Council (AMLC) on "single transactions in cash or other equivalent monetary instrument involving a total amount in excess of Five Hundred Thousand (P500,000) Pesos within one (1) banking day." I think this is basically the gist of this law. This is a tough requirement to follow and this is just one of the many provisions.
What's AMLA? The Anti-Money Laundering Act of 2001(RA 9160)
"Republic Act No. 9160 otherwise known as The Anti-Money Laundering Act of 2001 was signed into law on September 29, 2001 and took effect on October 17, 2001. The implementing Rules and Regulations took effect on April 2, 2002. On March 7, 2003, R.A. No. 9194 (An Act Amending R.A. No. 9160) was signed into law and took effect on March 23, 2003. The revised Implementing Rules and Regulations took effect on September 7, 2003. "
"Money Laundering is a crime whereby the proceeds of an unlawful activity as defined in the AMLA are transacted or attempted to be transacted to make them appear to have originated from legitimate sources."
Salient Features of AMLA :
Criminalizes money laundering
Creates a financial intelligence unit
Imposes requirements on customer identification, record keeping and reporting of covered and suspicious transactions
Relaxes strict bank deposits secrecy laws
Provides for bank inquiry and freeze ex parte petition/seizure/forfeiture/recovery of dirty money/property
Provides for international cooperation
Quoted from : Anti-Money Laundering Council webpage - http://www.amlc.gov.ph/amla.html
Quoting a news item from the Interaksyom.com news portal :
"With an 8-3 vote, the provision stated in the bill's line 9, paragraph 5 was deleted. It was Sen. Ralph Recto who proposed the delisting of real estate brokers and agents."
"Recto also moved for the deletion of the provision "buying and selling of real estate" but eventually agreed to a suggestion to just amend it to “buying and selling of real estate worth at least P25 million property.”
Some provisions of the bill amending the AMLA are not yet finished, but hopefully all the amendments will be finished soon and the bill passed by the Senate, before the Senate goes to a long break starting this February.
For update to the article above regarding inclusion of real estate agents to list of entities required to report to AMLC, please see related link below.
Related Link :