Lacson: AMLA Law Only Recognizes 'Covered' and 'Suspicious' Transactions, Not 'Unusual'
A debate over the definition of bank transactions under the Anti-Money Laundering Act (AMLA) is central to the impeachment trial of the Philippine Vice President. Senator Panfilo Lacson emphasized that the term 'unusual' is not in the law, and only 'covered' or 'suspicious' transactions require reporting. This came after a former Land Bank branch manager testified that withdrawals totaling ₱112.5 million in 2023 were 'unusual'.
This article requires PRO
This article is outside the free access window or is a special report. PRO unlocks it and the full archive.
Related articles
- Marcos Pushes for Amendments to Bank Secrecy, Anti-Money Laundering Laws
Philippine President Marcos is pushing for amendments to bank secrecy and anti-money laundering laws to restore public trust in government institutions. He pledged to strengthen transparency and accountability as part of his anti-corruption efforts.