Senate President Pro Tempore Ping Lacson has filed Senate Bill 1557, a measure seeking to expand the powers of the Anti-Money Laundering Council and strengthen the country’s defenses against increasingly sophisticated corruption and financial crimes.
The bill aims to modernize the Anti-Money Laundering Act as the Philippines prepares for the Financial Action Task Force’s next mutual evaluation in 2027.
Lacson said the proposal was driven by corruption issues uncovered during the Senate Blue Ribbon Committee inquiry into irregular flood control projects. He warned that outdated mechanisms weaken the country’s ability to detect and stop financial crimes. “Recent corruption issues have highlighted the complexities of financial crimes. Updating the AMLA to meet the requirements of the times would also prevent us from being placed in the FATF Greylist again,” Lacson said in his bill.
SB 1557 introduces several reforms that expand the list of covered persons to include trusts and virtual asset service providers. It also updates the list of predicate offenses linked to money laundering, which Lacson said is necessary to keep up with schemes that have grown more complex in recent years.
The measure reinforces the AMLC’s role as the country’s financial intelligence unit and strengthens its authority to investigate money laundering and terrorism financing activities. It aims to streamline internal processes, increase oversight, and improve coordination among agencies involved in financial crime prevention.
Lacson’s proposal is intended to ensure the AMLC has the reach and authority needed to counter corruption schemes that continue to evolve, especially those exposed in recent investigations. The bill seeks to position the country on stronger footing as international assessments scrutinize the effectiveness of the Philippines’ anti-money laundering framework.
