Lacson bill arms AMLC to counter evolving corruption schemes

The complex financial crimes exposed in the investigation into the corruption behind anomalous flood control projects have prompted Senate President Pro Tempore Ping Lacson to file a bill further strengthening the Anti-Money Laundering Council (AMLC).

Senate Bill No. (SBN) 1557, which Lacson filed on Wednesday, gives the AMLC additional powers while widening the scope of covered persons and updating the list of predicate offenses to money laundering.

“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,” he said in his bill, noting that the Philippines will be subjected to the FATF’s fifth round of global mutual evaluations in 2027.

In privilege speeches last August and September, Lacson detailed the corruption behind substandard and ghost flood control projects, and how some of those involved gambled away public funds in casinos.

SBN 1557 seeks to introduce the following amendments to the Anti-Money Laundering Act:

* Designate trusts and virtual asset service providers as covered persons;

* Clarify that the threshold for jewelry dealers and dealers in precious metals and stones pertains to covered transaction reports;

* Inclusion of the respective definitions of transactional and continuing violation of any applicable law or regulation issued by the AMLC or its authorized officer;

* Update and expand the list of offenses as predicate offenses to money laundering;

* Set the threshold for conducting customer due diligence by casinos to P150,000, equivalent to the FATF-prescribed threshold of US$3,000 – with a system of verifying the true identity of their clients;

* Authorize the AMLC to issue a non-court-based subpoena instead of the current court-based one;

* Authorize the AMLC to file petitions for freeze order and civil forfeiture directly or through the Office of the Solicitor General; and

* Improve the efficiency of the AMLC in conducting bank inquiries without a court order.IMT