Stronger anti-money laundering law backed

MANILA, Philippines — Sen. Joel Villanueva has backed proposals to strengthen the country’s anti-money laundering law, saying authorities need broader powers to combat increasingly sophisticated financial crimes while ensuring safeguards against abuse.

Villanueva filed Senate Bill 1983, which seeks to expand the powers of the Anti-Money Laundering Council (AMLC), broaden the coverage of entities required to comply with Anti-Money Laundering Act (AMLA) and update the list of predicate offenses to include emerging crimes.

“When criminals move fast, the law must move faster. But greater authority must always come with clear limits, transparency and accountability,” Villanueva said.

He said institutions should be equipped with sufficient legal authority to act swiftly against money laundering while upholding due process and the rule of law.

His statement came after the AMLC renewed its call for authorities to suspend financial transactions and impose an initial freeze on suspected criminal assets without first obtaining a court order, saying the amendments would strengthen the country’s anti-money laundering regime ahead of the Financial Action Task Force’s Fifth Round of Mutual Evaluation in 2027.

While supporting the proposal, Villanueva said any authority to suspend transactions or freeze assets without prior court approval must be narrowly defined, time-bound and backed by sufficient factual and legal basis.

“It cannot be a blank check. The AMLC must be able to act quickly, but its actions must remain reviewable, transparent and fully accountable under the law,” he said.

He added that existing safeguards under the AMLA, related laws and Supreme Court rulings must continue to govern the exercise of the council’s powers to prevent them from being used against innocent people, legitimate businesses or political opponents.

Under the bill, trust and company service providers, lawyers and accountants involved in specified financial transactions, online gambling operators and virtual asset service providers would be included among entities covered by AMLA compliance requirements.

The measure would also authorize the AMLC to issue transaction suspension orders, administrative freeze orders and subpoenas, while streamlining court procedures involving suspicious financial transactions.

It also seeks to expand the list of predicate offenses for money laundering to include cybercrime, environmental violations, agricultural economic sabotage and offenses involving the online sexual abuse and exploitation of children.