alexa The Anti - Money Laundering Act Of The Philippines

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The Anti - Money Laundering Act Of The Philippines

The Anti - M oney laundering law ( AMLA ) is a financial regulation en acted mainly because of external demand, as th e Financial Action Task Force ( FATF ) called on the Philippine Government to comply with the Anti - Money L aundering (AML) regime . The FATF not only summon ed the Philippine G overnment , but al so determined the shap e and content of the AMLA by requiring the institutional policy actors to conform to the global standards. Thus, t he FATF exercise d direct powers — agenda setting and decision makin g — in persuading the Philippine G overnment to enact the law. T he institutio na l policy actors were impelled to prioritize the consideration and deliberation of the financial regulation (agenda setting) and compelled to enact and rework the content of the policy to conform to the FATF standard within a tim e frame ( decision - making ) . T he FATF’s use of direct powers wa s made possible and reinforced by the context - shaping power of the prevailing financial structure, specifically, the estab lishment of the AML regime. Context - shaping bound the institutional actors to enact the policy becaus e of the prevailing AML regime established by the FATF. As the context - shaping power underscore d the exercise of the agenda - sett ing and decision - making power s , the lawmaking experience that created the AMLA highlights the employment of the different dimens ions of power as well as the contemporary dynamics in the global financial structure vis - à - vis the policymaking process .

 
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