Lacson pushes for stronger Anti-Money Laundering Council

Title Strengthening the Anti-Money Laundering Council Senator Lacson's Push for a Stronger AMLC

The Philippines is set to undergo another round of evaluations by the Financial Action Task Force (FATF) in 2027, highlighting the need for continued efforts to combat financial crimes. In response, Senator Panfilo Lacson has filed Senate Bill (SB) 1557 to enhance the powers of the Anti-Money Laundering Council (AMLC), enabling it to effectively address complex financial crimes and prevent the country from being placed on the FATF's grey list.

The Importance of Strengthened AMLC Powers

Recent corruption issues have underscored the complexities of financial crimes, emphasizing the need for the AMLC to be equipped with updated powers. Senator Lacson has emphasized that updating the Anti-Money Laundering Act (AMLA) is crucial to meet the requirements of the times and prevent future instances of corruption. The proposed bill includes several amendments aimed at strengthening the AMLC's powers, including

Designating trusts and virtual asset service providers as covered persons
Clarifying the threshold for jewelry dealers and dealers in precious metals and stones
Expanding the list of offenses as predicate offenses to money laundering
Authorizing the AMLC to issue non-court-based subpoenas
Allowing the AMLC to file petitions for freeze orders and civil forfeiture directly or through the Office of the Solicitor General

Enhancing AMLC Efficiency

The proposed bill also seeks to improve the efficiency of the AMLC in conducting bank inquiries without a court order, similar to its current power to conduct non-court-based bank inquiries in cases related to kidnapping, illegal drug crimes, terrorism, and murder. This move will enable the AMLC to respond more swiftly to emerging threats.

The AMLC as Financial Intelligence Unit

The bill enhances the AMLC's role as the country's independent central anti-money laundering and counter-terrorism financing authority. The council shall function as a financial intelligence unit, specialized money laundering and terrorism financing investigation agency, and anti-money laundering and counter-terrorism financing regulator and supervisor of the Philippines.

Expanding Coverage and Enhancing Accountability

The measure also expands the coverage of information security and confidentiality provisions against the AMLC and its staff to include all other persons to whom AMLC information was allowed to be shared. This ensures accountability for anyone who receives information from the AMLC.

Conclusion Sustaining Progress

Senator Lacson's bill aims to sustain the progress made in combating financial crimes by strengthening the AMLC's powers and expanding its coverage. By introducing these amendments, the bill seeks to prevent the Philippines from being placed on the FATF's grey list again. The proposed reforms will enable the AMLC to effectively address complex financial crimes and maintain a strong reputation as a reliable partner in the global fight against money laundering and terrorism financing.

Keywords* Anti-Money Laundering Council (AMLC), Financial Action Task Force (FATF), Senator Panfilo Lacson, Senate Bill (SB) 1557, Anti-Money Laundering Act (AMLA).

Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.