A Philippine senator has filed a bill that looks to strengthen the country’s anti-money laundering laws by addressing cybercrime and risks from digital financial transactions.
These would include tougher compliance requirements for a variety of sectors, including online gaming operators, according to a report by state-run Philippine News Agency.
Senator Joel Villanueva filed Senate Bill No. 1983 this week, which seeks amendments to Republic Act No. 9160 with the goal of enhancing the country’s capacity to combat evolving financial crimes and protect the integrity of the financial system.
Specifically it 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, according to the PNA report.
“We need a tougher law to catch up with the criminals trying to cover their illicit financial tracks,” Villanueva said.
New AMLA compliance requirements would cover online gambling operators as well as trust and company service providers, lawyers, accountants involved in certain financial transactions and virtual asset service providers.
If passed, the AMLC would have the power to issue transaction suspension orders, administrative freeze orders and subpoenas. The bill would also streamline court processes to allow for more timely action against suspicious transactions.
Among the areas of enhancement under the bill are greater customer due diligence and reporting requirements, and stricter administrative sanctions to ensure compliance among covered entities.
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