Ping files bill giving more power to AMLC

Senate President Pro Tempore Panfilo “Ping” Lacson has filed a measure seeking to give the Anti-Money Laundering Council (AMLC) additional powers and widening the scope of covered persons involved in financial crimes and updating the list of predicate offenses to money laundering.

- By HANNAH L. TORREGOZA

Lacson said filing Senate Bill No. 1557 was in response to the complex financial crimes that were exposed in the Senate Blue Ribbon Committee’s investigation into the corruption behind 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 (Financial Action Task Force) Greylist again,” Lacson said in his bill.

Lacson noted that the Philippines will again be subjected to the FATF's fifth round of global mutual evaluations in 2027.

The Senate Blue Ribbon Committee chief also said SB No. 1557 primarily seeks to introduce the following amendments to the Anti-Money Laundering Act:

1. Designate trusts and virtual asset service providers as covered persons.

2. Clarify that the threshold for jewelry dealers and dealers in precious metals and stones pertains to covered transaction reports.

3. Inclusion of the respective definitions of transactional and continuing violation of any applicable law or regulation issued by the AMLC or its authorized officer.

4. Update and expand the list of offenses as predicate offenses to money laundering.