Manila: Senator Panfilo Lacson has introduced a bill aimed at enhancing the powers and scope of the Anti-Money Laundering Council (AMLC) in the wake of complex financial crimes associated with the anomalous flood control projects. Senate Bill 1557, filed on Wednesday, seeks to provide the AMLC with additional authorities, expand the range of covered persons, and update the list of predicate offenses related to money laundering.
According to Philippines News Agency, the proposed legislation is a response to recent corruption issues and aims to prevent the Philippines from being placed on the Financial Action Task Force (FATF) Greylist. The country is due for the FATF's fifth round of global mutual evaluations in 2027. Lacson's previous speeches in August and September highlighted corruption in substandard and ghost flood control projects, where involved parties misused public funds in casinos.
Senate Bill 1557 outlines several amendments to the Anti-Money Laundering Act, including designating trusts and virtual asset service providers as covered persons, clarifying thresholds for jewelry and precious metal dealers, and expanding the list of offenses related to money laundering. The bill also proposes allowing the AMLC to issue non-court-based subpoenas, file petitions for freeze orders, and conduct bank inquiries without court orders.
Further, the bill seeks to enhance the AMLC's role as an independent central authority on anti-money laundering and counter-terrorism financing. It would authorize the AMLC to inspect covered persons, administer oaths, handle administrative cases, and suspend transactions suspected of being linked to money laundering or terrorism financing.
Lacson's proposal also includes expanding the AMLC's coverage to include real estate transactions, lawyers, accountants, online gambling operators, and virtual asset service providers. The list of predicate offenses would be broadened to encompass terrorism, cybercrime, and other serious violations, ensuring comprehensive oversight and accountability in financial transactions.
