“Covered persons” would be expanded to explicitly include online gambling operators and virtual asset service providers.
The Philippines.- Joel Villanueva has filed Senate Bill No. 1983, seeking to amend Republic Act No. 9160, or the Anti-Money Laundering Act (AMLA). He said his proposal would address emerging financial crimes linked to digital platforms, including online gambling.
A key provision is the expansion of “covered persons” under the AMLA to explicitly include online gambling operators and virtual asset service providers. This would bring online gaming platforms within the scope of anti-money laundering compliance, subjecting them to stricter due diligence, reporting requirements and regulatory oversight.
The measure also seeks to grant stronger powers to the Anti-Money Laundering Council (AMLC), enabling it to issue transaction suspension orders, administrative freeze orders and subpoenas more efficiently during investigations.
Villanueva said the current legal framework must evolve to keep pace with increasingly sophisticated financial crimes. “We need a tougher law to catch up with the criminals trying to cover their illicit financial tracks,” he said.
The bill would expand the list of predicate offences for money laundering to include cybercrime and other emerging threats while introducing clearer thresholds for cash transactions subject to review and strengthening administrative sanctions for non-compliance.
The proposed reforms are aligned with recommendations from the Financial Action Task Force (FATF), Villanueva said.
“Covered persons” would be expanded to explicitly include online gambling operators and virtual asset service providers. The Philippines.- Joel Villanueva has filed Senate Bill No. 1983, seeking to amend Republic Act No. 9160, or the Anti-Money Laundering Act (AMLA). He said his proposal would address emerging financial crimes linked to digital platforms, including online gambling….
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