A Philippine senator is seeking to further amend the country’s anti-money laundering act (ALMA), expanding its scope to more entities linked to online gaming operators.
According to the Philippine News Agency, Senator Joel Villanueva proposed the bill amendment, saying “we need a tougher law to catch up with the criminals trying to cover their illicit financial tracks”.
The bill proposal also comes as the country is facing another evaluation by the Financial Action Task Force (FATF) this year, with the government strongly pushing to remain off the international body’s grey list.
The proposed measures would apply stricter AMLA compliance for entities including company service providers, lawyers, accountants, online gaming operators, and virtual asset service providers.
It would also grant the Anti-Money Laundering Council (AMLC) stronger enforcement authority, including the suspension of orders, administrative freeze orders and subpoenas, and speed up court procedures for suspicious transactions.
Customer due diligence and reporting requirements would be increased, with stricter sanctions on covered entities. The bill would also allow the AMLC to retain and use forfeited assets to support its operations.
