On Thursday, March 19, Senator Joel Villanueva introduced a legislative measure designed to fortify the Anti-Money Laundering Act (AMLA) against the growing threats of cybercrime and digital transaction risks.
Through Senate Bill No. 1983, Villanueva proposes key amendments to Republic Act No. 9160, otherwise known as the “Anti-Money Laundering Act of 2001.” The goal is to sharpen the nation’s ability to fight modern financial crimes while safeguarding the financial system’s overall integrity. The proposal seeks to increase the Anti-Money Laundering Council’s (AMLC) authority, expand the list of covered individuals and entities, and include emerging crimes as predicate offenses for money laundering.
“We need a tougher law to catch up with the criminals trying to cover their illicit financial tracks,” Villanueva stated.
The Senator emphasized that current legislation must evolve alongside a shifting financial environment characterized by virtual assets, digital services, intricate corporate setups, and international transactions. To address this, the bill brings trust and company service providers, online gambling firms, virtual asset service providers, and certain lawyers and accountants under AMLA compliance rules.
Furthermore, the bill equips the AMLC with enhanced enforcement tools, such as the power to issue subpoenas, administrative freeze orders, and transaction suspension orders. It also aims to refine court procedures for faster action against suspicious activity.
Explaining the necessity of the bill, Villanueva remarked, “Money talks, but dirty money whispers usually through complicit entities.“
The proposed legislation would also classify environmental crimes, agricultural economic sabotage, cybercrime, and online sexual abuse and exploitation of children as predicate offenses. Beyond enforcement, the bill tightens reporting requirements and customer due diligence, while allowing the AMLC to utilize forfeited assets to fund its operations—all while maintaining strict data protection protocols.| (PNA)
