The House Committee on Ways and Means approved last Wednesday a substitute bill penalizing the bulk-cash smuggling and tightening the country’s measures against the transit of large amounts of money to and from the Philippines.
THE House Committee on Ways and Means approved last Wednesday a substitute bill penalizing the bulk-cash smuggling and tightening the country’s measures against the transit of large amounts of money to and from the Philippines.
Salceda said bulk cash smuggling is a potential source of terrorist financing and is being taken advantage of by syndicated crime groups. The substitute bill identifies those required to declare the same under oath using the form prescribed by the Bureau of Customs .
The measure also mandates the BOC to submit the declaration to the AMLC within 24 hours upon receipt thereof for the immediate verification of the veracity and authenticity of the documents submitted in accordance with this proposal.THE bill provides that upon discovery of fraud, the foreign currency or foreign currency-denominated bearer monetary instrument shall immediately be seized by the BOC pursuant to Section 1113 of Republic Act 10863 .
The measure also provides penalties, including fine, imprisonment, seizure and forfeiture against any person or conspirator who commits bulk foreign currency smuggling offense.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Marcos creates committee on 125th PH independence celebrationPresident Ferdinand “Bongbong” Marcos Jr. signed an administrative order creating an inter-agency committee for the commemoration of the 125th anniversary of Philippine independence. ManilaBulletin
Read more »
Slow NG disbursements will hurt us 3 ways–Salceda | Jovee Marie de la CruzIN economist-lawmaker on Wednesday called out the Department of Budget and Management, the Department of Finance and the Bureau of the Treasury for “slow national government disbursements,” which he says are “resulting in a three-bladed contractionary policy—spending is slower than last year, we are shrinking money supply, and the external…
Read more »
Makabayan bloc urges House inquiry into data breach at gov't agenciesLawmakers belonging to the Makabayan bloc in the House of Representatives has asked for a congressional inquiry into the data breach that allegedly affected over 1.2 million records or 817.54 GB of data handled by law enforcement agencies.
Read more »
House panel okays bill expanding PH Science High School systemMANILA, Philippines — A bill that will expand the number of schools under the Philippine Science High School (PSHS) system was approved at the committee level in the House of Representatives
Read more »
House leader flags government agencies' slow fund disbursement for 2023'As one of my mentors, former secretary Winnie Monsod, once told me – when we miss growth targets, we kill people, the sick die, and families go hungry,' says House ways and means chairman Joey Salceda.
Read more »
3 dead in Rizal town house fireLUCENA CITY — Three persons died on Wednesday, May 3, in a fire that razed their house in Rodriguez town in Rizal province. Fire investigators found at 3:05 a.m. the bodies of Reinero Basco,
Read more »