Senator Villanueva files bill to strengthen Anti-Money Laundering Act

Senator Joel Villanueva filed a measure seeking to strengthen Republic Act No. 9160, or the Anti-Money Laundering Act (AMLA) against financial crimes.

Senate Bill No. 1983 aims to enhance the powers of the Anti-Money Laundering Council (AMLC) to broaden the coverage of entities required to comply with the law, and update the list of predicate offenses tied to money laundering.

"Money talks, but dirty money whispers usually through complicit entities," said Villanueva, who chairs the Committee on Banks, Financial Institutions, and Currencies.

"We need a tougher law to catch up with the criminals trying to cover their illicit financial tracks," he added.

Villanueva stressed that the current law must evolve alongside the rapidly changing financial landscape, which now includes digital financial services, virtual assets, complex corporate structures, and cross-border transactions—areas that present new risks for illicit activity.

He also noted that the Financial Action Task Force (FATF) has consistently called for stronger financial intelligence, stricter supervision of covered entities, and more efficient enforcement mechanisms.

"Sustained reforms are necessary not only to maintain compliance with international standards, but also to safeguard the credibility and resilience of the Philippine financial system," Villanueva said.

-Paraluman News