SPEAKER Martin Romualdez lauded the signing of a landmark measure designed to fight economic fraud and protect citizens from financial scams.
President Ferdinand Marcos Jr. signed the Anti-Financial Accounts Scamming Act (AFASA), or Republic Act No. 12010, in a ceremony at Malacanang Palace on Saturday morning.
Romualdez emphasized the importance of the new law in safeguarding the integrity of the country’s financial systems and protecting the public from fraudulent schemes.
“The signing of AFASA marks a significant milestone in our fight against financial fraud and cybercrime,” he said.
“This law provides stringent measures to regulate financial accounts and prevent their misuse, ensuring that our financial systems remain secure and trustworthy.”
This new law prohibits and punishes financial crimes, such as acting as money mules, performing social engineering schemes, and committing economic sabotage.
“This is essential in this time as cybercriminals use technology to defraud fellow Filipinos, causing not only personal economic loss through them but also a loss of trust in financial institutions,” Marcos said during the signing ceremony.
“It will protect our people from falling prey to perpetrators who target their banks and e-wallet accounts.”
The measure authorizes the Bangko Sentral ng Pilipinas (BSP) to investigate cases and apply for “cybercrime warrants and orders” with respect to electronic communications used in any violation of the law.
The law gives the BSP limited authority to examine and investigate bank accounts, e-wallets, and other financial accounts involved in the prohibited acts.
Moreover, it imposes responsibilities on BSP-supervised institutions to employ adequate risk and fraud management systems to ensure that their clients’ financial accounts are protected.
Government agencies concerned, banks and covered financial institutions, the private sector, and other stakeholders are also mandated to establish a cooperative mechanism to ensure the effective prosecution of cases and the enforcement of the law.
Romualdez underscored the long-term impact of AFASA on the country’s economic stability and growth.
“A secure financial system is crucial for sustaining economic development and attracting investment. With AFASA in place, we are sending a strong message that the Philippines is committed to maintaining a safe and transparent financial landscape,” he said.
