By Wilnard Bacelonia, March 19, 2026; Philippine News Agency
https://www.pna.gov.ph/articles/1271373
MANILA – Senator Joel Villanueva filed a measure seeking to strengthen the Anti-Money Laundering Act (AMLA) to address cybercrime and risks from digital financial transactions.
Villanueva said Thursday he filed Senate Bill No. 1983, which proposes amendments to Republic Act No. 9160 to enhance the country’s capacity to combat evolving financial crimes and protect the integrity of the financial system.
The bill aims to expand the powers of the Anti-Money Laundering Council (AMLC), broaden the scope of covered persons, and update predicate offenses for money laundering to include emerging crimes.
“We need a tougher law to catch up with the criminals trying to cover their illicit financial tracks,” Villanueva said.
He said the existing law must adapt to the rapidly changing financial landscape, including the rise of digital financial services, virtual assets, complex corporate structures, and cross-border transactions.
Under the proposed measure, additional entities such as trust and company service providers, lawyers, and accountants involved in certain financial transactions, online gambling operators, and virtual asset service providers will be covered by AMLA compliance requirements.
The bill grants the AMLC stronger enforcement powers, including the authority to issue transaction suspension orders, administrative freeze orders, and subpoenas, as well as to streamline court processes to ensure timely action against suspicious transactions.
“Money talks, but dirty money whispers usually through complicit entities,” Villanueva said.
He said the measure would expand the list of predicate offenses to include cybercrime, environmental violations, agricultural economic sabotage, and offenses related to online sexual abuse and exploitation of children.
The proposal further enhances customer due diligence and reporting requirements, while imposing stricter administrative sanctions to ensure compliance among covered entities.
The bill also provides safeguards for data protection and allows the AMLC to retain and utilize forfeited assets, subject to limits, to support its operations. (PNA)
