Senator files bill to strengthen anti-money laundering law

Joel Villanueva has filed a bill seeking to amend and strengthen the Anti-Money Laundering Act, or Republic Act No. 9160, to bolster the country’s response to financial crimes and safeguard the integrity of the financial system.Villanueva filed Senate Bill No. 1983 on March 16.

- BY RAYMOND AFRICA

In his explanatory note, Villanueva said the integrity and stability of the Philippine financial system are essential to sustaining economic growth, preserving investor confidence, and shielding the country from the risks posed by money laundering, terrorism financing and other illicit financial activity.

The said the rapid evolution of digital technology has heightened the need for stronger financial intelligence capabilities, tighter supervision of covered entities and faster enforcement mechanisms.