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Manila Bulletin devider Philippines devider National devider New partners Lord, Martin on same page with sought AMLA amendments

New partners Lord, Martin on same page with sought AMLA amendments

Published Oct 18, 2020 05:21 pm

The brand new partnership between Speaker Lord Allan Velasco and Majority Leader Martin Romualdez is on the same page as far as the sought amendments to the Anti-Money Laundering Act (AMLA) of 2001 is concerned.

Speaker Lord Allan Velasco (Lord Allan Velasco's Office / FILE PHOTO / MANILA BULLETIN)

The two House leaders on Sunday vowed to work toward approving the amendments on the crucial law as provided under House Bill (HB) No. 6174, filed by Committee on Banks and Financial Intermediaries chairman, Quirino lone district Rep. Junie Cua.

"The House of Representatives is committed to approve the amendments to the AMLA of 2001 under HB No. 6174 to address concerns on our anti-money laundering law," said Velasco in a statement.

"Cognizant of the importance to put in place more stringent provisions in AMLA, the House will see to it that the measure which aims to curb the cost of doing financial transactions of our overseas Filipino workers and the business sector, will be approved expeditiously once plenary sessions resume next month," he said.

The 301-strong House went on break Friday night shortly after passing the P4.506-trillion General Appropriations Bill (GAB) on third and final reading. The solons won't reconvene until November 16.

Velasco noted that the proposed Financial Institutions Strategic Transfer or FIST Act has also been approved on third and final reading by the larger chamber last June.

"The House of Representatives will ensure that President Duterte will be able to sign these important pieces of legislation into law at the soonest possible time," vowed the Partido Demokratiko Pilipino-Lakas ng Bayan (PDP-Laban) stalwart.

The commitment to pass the AMLA measure was echoed in a separate statement by Leyte Rep. Martin Romualdez, who is also president of the Lakas-Christian Muslim Democrats (CMD) party.

"We are committed to work harder, smarter and more efficiently when Congress resumes session on November 16. As part of our tradition, we are going to hit the ground running to pass vital pieces of legislation," he said.

Romualdez had a good working relationship with erstwhile Speaker, Taguig-Pateros Rep. Alan Peter Cayetano during the first 15th months of the 18th Congress.

Velasco officially took over the helm from Cayetano last October 13.

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