President Marcos Signs Anti-Financial Account Scamming Act into Law

President Ferdinand “Bongbong” R. Marcos Jr. signed into law the Anti-Financial Account Scamming Act (AFASA) and the New Government Procurement Act during a simple ceremony at the Ceremonial Hall of Malacañang Palace on Saturday morning. The event was witnessed by House Speaker Ferdinand Martin G. Romualdez and Senate President Chiz Escudero.

The signing of the AFASA into law is seen as a significant step towards securing transactions made by the public and the country’s financial systems. House Speaker Romualdez emphasized that the new law provides stringent measures to regulate financial accounts and prevent their misuse, ensuring the security and trustworthiness of the financial systems.

Republic Act No. 12010, signed by President Marcos, imposes penalties for financial crimes such as money muling, social engineering schemes, and economic sabotage. Romualdez highlighted that the AFASA will not only improve financial relations with other countries but also promote a culture of integrity and accountability across all levels of the financial system.

The implementation of AFASA is expected to foster a safer environment for all financial transactions, deter criminal activities, and maintain a safe and transparent financial landscape in the Philippines. With this new law in place, the country is sending a strong message of commitment to ensuring a secure financial system crucial for sustaining economic development and attracting investment.