Senate Deputy Minority Leader Joel Villanueva has filed a measure seeking to overhaul the country’s anti-money laundering framework, warning that financial crimes are evolving faster than existing safeguards.
Villanueva, who chairs the Senate Committee on Banks, Financial Institutions and Currencies, filed Senate Bill No. 1983 to expand the powers of the Anti-Money Laundering Council (AMLC) and widen the scope of entities covered by monitoring rules.
“Money talks, but dirty money whispers usually through complicit entities,” Villanueva said in a statement Thursday.
“We need a tougher law to catch up with the criminals trying to cover their illicit financial tracks.”
The senator noted that money laundering schemes now exploit digital finance, virtual assets, cross-border transfers, and complex corporate structures—gaps the proposed amendments aim to address.
Under the bill, additional sectors would be placed under AMLA oversight, including lawyers, accountants, online gambling operators, and virtual asset service providers. The measure also seeks to expand predicate crimes to cover cybercrime, environmental offenses, agricultural economic sabotage, and online sexual exploitation of children.
Villanueva said reforms are necessary to maintain compliance with international standards and safeguard the credibility of the Philippine financial system.
The proposal would grant the AMLC broader authority to freeze suspicious transactions, issue subpoenas, and strengthen monitoring of large cash movements, while tightening reporting and due diligence requirements for covered institutions.
“We need a stronger Anti-Money Laundering law to protect the integrity of the economy. Above this, stopping money laundering goes beyond finance—it’s also about justice and accountability,” Villanueva added.