As earlier posted on this blog [1], real estate brokers and agents were excluded (in the list of entities required to report to AMLC) in the earlier version of the amendments for AMLA. Last Friday President Benigno Aquino III signed into law Republic Act No. 10365 or "An Act Further Strengthening the Anti-Money Laundering Act" (AMLA), and in the final version of the law,"real estate agents" were included the list of entities required to report financial transactions to the Anti-Money Laundering Council :
"The new law, Republic Act 10365, expands the list of entities required to report financial transactions to the Anti-Money Laundering Council, which include pre-need companies, money changers, real estate agents, and dealers of precious stones and metal."
[1]http://theprojectreview.blogspot.com/2013/01/information-real-estate-brokers-and.html
News Source :
http://www.interaksyon.com/article/55160/pnoy-signs-into-law-bill-strengthening-amla
The Project Review : Philippine Real Estate News and Update
News and updates on real estate developments and projects; current event news updates; property listings; home and architecture; laws and regulations; education and seminars; people; ecology and environmental issues; geography and history; places of interest and events; travel and tourism; tips and how to; others matters allied to the the Philippine real estate industry. Trivia and rants on anything under the sun.
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