Manila: Senator Joel Villanueva has introduced a legislative measure aimed at fortifying the Anti-Money Laundering Act (AMLA) to counteract cybercrime and address risks associated with digital financial transactions. Villanueva announced on Thursday the filing of Senate Bill No. 1983, which proposes amendments to Republic Act No. 9160. The goal is to enhance the nation's ability to tackle evolving financial crimes and safeguard the integrity of the financial system.
According to Philippines News Agency, the proposed bill seeks to expand the powers of the Anti-Money Laundering Council (AMLC), widen the range of individuals and entities subject to AMLA regulations, and update the list of predicate offenses for money laundering to include new and emerging crimes. Villanueva emphasized the need for a more robust law to keep pace with criminals who attempt to conceal their illicit financial activities.
The senator highlighted that the current law must evolve to match the swiftly changing financial environment, characterized by the growth of digital financial services, virtual assets, complex corporate structures, and international transactions. Under the new measure, additional entities such as trust and company service providers, lawyers, accountants involved in specific financial transactions, online gambling operators, and virtual asset service providers will be obligated to comply with AMLA requirements.
The bill proposes to empower the AMLC with stronger enforcement capabilities, including the authority to issue transaction suspension orders, administrative freeze orders, and subpoenas. It also aims to streamline court processes to ensure prompt action against suspicious transactions. Villanueva noted that while "money talks," illicit funds often move quietly through complicit entities.
The measure also aims to expand the list of predicate offenses to encompass cybercrime, environmental violations, agricultural economic sabotage, and offenses related to the online sexual abuse and exploitation of children. Additionally, it seeks to improve customer due diligence and reporting requirements, imposing stricter administrative sanctions to ensure compliance among covered entities.
Furthermore, the bill includes provisions for data protection and allows the AMLC to retain and utilize forfeited assets, within certain limits, to support its operations.
