Philippines Strengthens Anti-Money Laundering Framework with Proposed Legislation

The Philippine government is preparing to strengthen its approach to combating financial crimes in the digital economy. Senate Bill No. 1983, introduced by Senator Joel Villanueva, proposes significant modifications to the nation's anti-money laundering regulations.

The legislation aims to amend Republic Act No. 9160, the foundational statute governing financial crime prevention in the Philippines. Villanueva contends that existing regulations have not kept pace with evolving methods criminals use to launder illicit funds.

The draft law would significantly broaden the scope of organizations subject to anti-money laundering compliance. Internet gambling platforms, cryptocurrency exchange services, corporate service providers, and designated legal and accounting professionals would join the regulatory framework.