Aquino says measures strengthening Anti-Money Laundering Act will be passed
President Benigno S. Aquino III expressed confidence on Sunday night that both Houses of Congress would be able to pass several measures strengthening the Anti-Money Laundering Act (AMLA) before the deadline set by Financial Action Task Force (FATF), an inter-governmental body tasked to develop and promote policies to combat money laundering and terrorist financing.
The President told media practitioners over coffee at The Mansion in Baguio City that leaders and members of the House of Representatives and the Senate were fully aware of the importance of passing these measures in order to prevent the country from being “blacklisted.”
He said the lawmakers also knew of the “weaknesses in the current law that…inhibits the Anti-Money Laundering Council from fulfilling its job.”
“(So) we have already asked them to expedite the whole process (and)…we have communicated both to the Senate President and to the Speaker of the House and other members of both chambers’ leadership of the importance of strengthening the AMLA” the President said.
“And we look up on them as partners who know the gravity of the situation and the importance of this particular measure,” he added.
Among the measures undergoing review are Senate Bill 3009, which allows the Anti-Money Laundering Council (AMLC) to inspect bank accounts it deems suspicious even without informing the depositor first and SB 2676 or the Terrorist Financing Suppression Act, which expands the coverage of the anti-money laundering act to include terrorist financing. (PCOO)
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Malacañang underscores 14.19 percent tax revenue increase year-on-year
Malacanang said the 14.19 percent year-on-year increase in tax revenue, achieved without imposing new taxes, is another positive testimonial for the administration’s efforts to improve tax collection.
"The tax enforcement program of the Bureau of Internal Revenue (BIR) has increased actual collections by P10.58 billion to P85.15 billion in January 2012 from P74.57 billion in the same period last year," Presidential Spokesperson Edwin Lacierda said in a statement issued on Monday.
For the month of January 2012, the BIR said it collected P85.15 billion in tax revenues- P80.69 billion from BIR operations and P4.46 billion arising from non-BIR operations.
Compared to the collections in January 2011 when the BIR generated P74.57 billion, this year’s actual collections are ahead by P10.58 billion, or an increase of 14.19 percent.
The Aquino admnistration reiterated it is not imposing new taxes but is focusing on how to improve the tax collections of the Bureau of Internal Revenue and the Bureau of Customs. (PCOO)
President Benigno S. Aquino III expressed confidence on Sunday night that both Houses of Congress would be able to pass several measures strengthening the Anti-Money Laundering Act (AMLA) before the deadline set by Financial Action Task Force (FATF), an inter-governmental body tasked to develop and promote policies to combat money laundering and terrorist financing.
The President told media practitioners over coffee at The Mansion in Baguio City that leaders and members of the House of Representatives and the Senate were fully aware of the importance of passing these measures in order to prevent the country from being “blacklisted.”
He said the lawmakers also knew of the “weaknesses in the current law that…inhibits the Anti-Money Laundering Council from fulfilling its job.”
“(So) we have already asked them to expedite the whole process (and)…we have communicated both to the Senate President and to the Speaker of the House and other members of both chambers’ leadership of the importance of strengthening the AMLA” the President said.
“And we look up on them as partners who know the gravity of the situation and the importance of this particular measure,” he added.
Among the measures undergoing review are Senate Bill 3009, which allows the Anti-Money Laundering Council (AMLC) to inspect bank accounts it deems suspicious even without informing the depositor first and SB 2676 or the Terrorist Financing Suppression Act, which expands the coverage of the anti-money laundering act to include terrorist financing. (PCOO)
.
Malacañang underscores 14.19 percent tax revenue increase year-on-year
Malacanang said the 14.19 percent year-on-year increase in tax revenue, achieved without imposing new taxes, is another positive testimonial for the administration’s efforts to improve tax collection.
"The tax enforcement program of the Bureau of Internal Revenue (BIR) has increased actual collections by P10.58 billion to P85.15 billion in January 2012 from P74.57 billion in the same period last year," Presidential Spokesperson Edwin Lacierda said in a statement issued on Monday.
For the month of January 2012, the BIR said it collected P85.15 billion in tax revenues- P80.69 billion from BIR operations and P4.46 billion arising from non-BIR operations.
Compared to the collections in January 2011 when the BIR generated P74.57 billion, this year’s actual collections are ahead by P10.58 billion, or an increase of 14.19 percent.
The Aquino admnistration reiterated it is not imposing new taxes but is focusing on how to improve the tax collections of the Bureau of Internal Revenue and the Bureau of Customs. (PCOO)
