ARTICLE · 23 APRIL 2021

Amendments To The Anti-Money Laundering Act

SyCip Salazar Hernandez & Gatmaitan

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SyCip Salazar Hernandez & Gatmaitan

SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is one of the largest law firms in the Philippines...

The Anti-Money Laundering Act (AMLA) has been further amended by Republic Act No. 11521,1 which took effect on February 8, 2021 (or immediately after its publication in the Official Gazette).

PhilippinesGovernment, Public Sector

SyCip Salazar Hernandez & Gatmaitan

The Anti-Money Laundering Act (AMLA) has been further amended by Republic Act No. 11521,¹ which took effect on February 8, 2021 (or immediately after its publication in the Official Gazette). (The new provisions introduced by R.A. 11521 to the AMLA are underlined below for ease of reference.)

A. Spotlight on New Provisions

B. Covered Persons and Covered Transactions

C. Targeted Financial Sanctions

D. Other Relevant Provisions

A. Spotlight on New Provisions

R.A. 11521 adds two new covered persons who are now required to report covered and suspicious transactions to the Anti-Money Laundering Council (AMLC) – (1) "real estate developers and brokers;" and (2) "offshore gaming operators, as well as their service providers, supervised, accredited or regulated by the Philippine Amusement and Gaming Corporation (PAGCOR) or any government agency." (Please see part B below for more information.)

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Amendments To The Anti-Money Laundering Act

A. Spotlight on New Provisions

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