MANILA — Senate President Pro Tempore Panfilo “Ping” M. Lacson filed Senate Bill 1557 to further strengthen the Anti-Money Laundering Council (AMLC) in response to complex financial crimes exposed in investigations of anomalous flood control projects.

“Recent corruption issues have highlighted the complexities of financial crimes. Updating the AMLA to meet the requirements of the times would also prevent us from being placed in the FATF Greylist again,” Lacson said, noting that the Philippines will undergo the Financial Action Task Force’s fifth round of global mutual evaluations in 2027.

The bill gives the AMLC additional powers and expands its scope, including:

• Designating trusts and virtual asset service providers as covered persons;
• Clarifying thresholds for jewelry dealers and dealers in precious metals and stones for reporting transactions;
• Expanding the list of predicate offenses to money laundering;
• Setting a P150,000 threshold for customer due diligence by casinos;
• Allowing non-court-based subpoenas and direct filing of petitions for freeze orders and civil forfeiture;
• Enhancing bank inquiry powers without court orders;
• Authorizing visits, inspections, and oath administration for covered persons;
• Strengthening AMLC’s quasi-judicial functions and protections against harassment suits; and
• Expanding information security and confidentiality measures.

The bill also broadens the list of covered persons to include real estate buyers and sellers, lawyers and accountants of covered persons, online gambling operators, and virtual asset service providers.

Predicate offenses now include terrorism and related crimes, violations of laws against online sexual abuse of children, the Cybercrime Prevention Act, the Anti-Dummy Act, and the Anti-Agricultural Economic Sabotage Act, among others.

According to Lacson, the amendments are meant to enhance AMLC’s role as the country’s independent financial intelligence unit, specialized investigator of money laundering and terrorism financing, and regulator and supervisor for anti-money laundering and counter-terrorism financing.