Joel Villanueva seeks stronger anti-money laundering law

Senate Deputy Minority Leader Joel Villanueva has filed a measure seeking to amend the Anti-Money Laundering Act and tighten enforcement against financial crimes, including cybercrime and Philippine Offshore Gaming Operators (POGOs).

Villanueva, chairperson of the Senate Committee on Banks, Financial Institutions, and Currencies, filed Senate Bill No. 1983, in a bid to “ensure that the Philippine financial system is not used as a conduit for illicit financial activities.”

“Bibigyan ng ipin po nito, through this Senate Bill No. 1983, ang ating Anti-Money Laundering Council. Palalawakin po ‘yung mga sakop ng mga indibidwal at ia-update ang mga predicate offense para po sa money laundering,” the senator said. 

(This bill will reinforce the Anti-Money Laundering Council. Their scope of work will be expanded and the predicate offenses for money laundering will be updated.) 

Under the measure, the list of predicate offenses for money laundering will be expanded to cover cybercrime; POGOs; illegal gambling activities; online sexual abuse or exploitation of children; agricultural economic sabotage; falsification of documents; toxic substances and hazardous and nuclear waste; and small-scale mining, among others.

The range of entities subject to the Anti-Money Laundering Act will also be extended to trust and company service providers; lawyers and accountants who provide specified financial transactions; online gambling operators; and virtual asset service providers.

It also gives the Anti-Money Laundering Council (AMLC) power to further detect and prevent anomalous financial activities, including the authority to issue transaction suspension orders, administrative freeze orders, and subpoenas during its investigation.

The proposed measure also allows AMLC to suspend or freeze transactions by speeding up the process of filing a petition before the court, and keeping the 20-day period of the administrative order "effective until the Court of Appeals resolves the petition."

It also seeks to allow AMLC to retain and use the assets forfeited for the year, provided that in no case shall the said annual appropriation exceed P150 million.

The said funds shall accrue to a trust fund to be managed and administered by the AMLC.

“Panahon na po para makatugon ang ating kasalukuyang batas sa mabilis na pagbabago sa ating financial landscape na pinagugulong ngayon ng mga digital financial service, virtual asset, complex corporate setup, at yung tinatawag po ng mga cross-border financial transaction na lalong nagbibigay ng oportunidad para po sa money laundering,” Villanueva said. 

(It’s time for existing laws to respond to the rapid changes in our financial landscape, which are being driven by digital financial services, virtual assets, complex corporate setups, and cross-border financial transactions that provide more opportunities for money laundering.)  — RSJ, GMA Integrated News