Zubiri eyes approval of anti-financial account scamming bill
A SENATE BILL seeking to impose tougher penalties on online investment scammers, phishers and other fraud schemes is likely to get the Chamber’s approval by the end of the month, the Senate president said on Wednesday.
“Every day we are taking up LEDAC (Legislative-Executive Development Advisory Council) approved measures,” Senate President Juan Miguel F. Zubiri told a news briefing. “Hopefully in the next two weeks, we can pass the anti-fishing, anti-mule, anti-scamming and fraudulent transactions (bill), that’s also a LEDAC measure.”
Senate Bill No. 2560, the Anti-Financial Account Scamming Act (AFASA), reached the Senate plenary for debates on Feb. 21.
SENATE APPROVES REAL PROPERTY VALUATION BILL ON 2ND READING
On late Tuesday, the Senate approved on second reading the Real Property Valuation and Assessment Reform Act, a priority bill seeking to fast-track and boost the monitoring of real property transactions of local government units (LGUs) through digitalization. The measure is expected to boost local revenues.
The Bangko Sentral ng Pilipinas (BSP) earlier said it hopes for the Senate to pass the measure by May to help address the increase in crimes involving banks, e-wallets and other financial institutions.
It is hoping for the Philippines to exit the money laundering “gray list” of the Financial Action Task Force by October this year.
The Senate committee on banks met with central bank, police and communication officials in January to come up with anti-fraud measures and to review the effectiveness of current countermeasures of financial institutions.
“We have to continuously improve our legal system, if possible be two steps ahead of the scammers at all times to effectively protect the public from their nefarious acts,” Senator Mark A. Villar, who heads the committee, told a hearing in January.