In a decisive move to safeguard its citizens and uphold the integrity of the national financial system, the Philippine government has introduced the Anti-Financial Accounts Scamming Act (AFASA), also known as Republic Act 12010. This landmark legislation, signed into law by President Ferdinand “Bongbong” R. Marcos Jr., aims to combat various forms of financial fraud and provide robust protections for financial account holders.

Speaker Ferdinand Martin G. Romualdez highlighted the importance of AFASA, emphasizing its role in securing the country’s financial framework. “The signing of AFASA is a significant milestone in our ongoing battle against financial fraud and cybercrime,” stated Romualdez. “This law enforces stringent regulations on financial accounts, ensuring their security and integrity.”

AFASA targets a range of fraudulent activities, including money muling, social engineering schemes, and economic sabotage. It requires financial institutions to implement secure access systems and holds them accountable for any security breaches. This comprehensive approach aims to foster a safer environment for financial transactions and enhance public trust in the financial system.

Romualdez praised President Marcos for his leadership in enacting this crucial law. “We commend President Marcos for his commitment to combating financial crimes and protecting our financial systems,” he said. “The enactment of AFASA reflects his dedication to safeguarding the Filipino people.”

The law grants extensive powers to the Bangko Sentral ng Pilipinas (BSP) to enforce its provisions, including investigating financial accounts involved in fraudulent activities and issuing cybercrime warrants. The BSP is also tasked with drafting the implementing rules and regulations within one year of the law’s effectivity.

AFASA imposes severe penalties for violations, underscoring the government’s determination to deter financial fraud and cybercrime. Offenses such as money muling and social engineering schemes can result in substantial fines and imprisonment, with harsher penalties for those targeting senior citizens.

Romualdez pointed out the long-term benefits of AFASA for the country’s economic stability and growth. “A secure financial system is essential for economic development and attracting investment. AFASA demonstrates the Philippines’ commitment to maintaining a safe and transparent financial environment,” he remarked.

The Speaker called for ongoing vigilance and cooperation from all sectors to ensure the effective implementation of AFASA. “Our efforts must continue beyond the signing of this law. It requires the collective vigilance, cooperation, and commitment of government agencies, financial institutions, and the public,” he urged.

As the Philippines embarks on this new chapter in financial security, AFASA stands as a testament to the government’s unwavering resolve to protect its citizens and ensure the integrity of its financial systems. This proactive legislation is expected to deter criminal activities and promote a culture of integrity and accountability across the financial sector.