Philippine Senator Joel Villanueva submitted Senate Bill No. 1983 on March 19, proposing significant amendments to the existing Anti-Money Laundering Act to address the increasingly covert and digitalized flow of illegal funds. The bill aims to expand the powers of the Anti-Money Laundering Council and include online gambling platforms and virtual asset service providers within the regulatory framework. In plain terms, it aims to weave a tighter net against money laundering, leaving no escape for dirty money.
Regulatory scope expansion: Online gambling, crypto assets, professional services all covered
In addition to traditional financial institutions, the bill explicitly includes the following areas under regulation: corporate registration service agencies, lawyers and accountants (when involved in specific transactions), online gambling platforms, and virtual asset service providers. The types of upstream crimes are also expanded to include not only existing money laundering offenses but also cybercrimes, environmental violations, agricultural economic sabotage, and crimes related to online sexual exploitation of minors.
Enforcement authority upgrade: AMLC gains greater flexibility
The Anti-Money Laundering Council will have more flexible powers to issue transaction suspension and freezing orders, while simplifying related judicial processes, aiming to "trap funds faster and limit their movement." The new bill also strengthens customer due diligence and reporting obligations, sets stricter administrative penalties for non-compliant institutions, and adds data protection measures, attempting to find a balance between combating crime and protecting privacy. The senator stated that in the face of financial risks in the digital age, laws must keep up and illuminate those "invisible channels." Interested in the latest developments in Southeast Asia's anti-money laundering regulations? PASA official website keeps you updated.
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