TLDR
- Philippine Senator Joel Villanueva filed Senate Bill No. 1983 to update the country’s anti-money laundering laws
- The bill would bring online gaming operators, virtual asset service providers, lawyers, and accountants under stricter AML oversight
- The Anti-Money Laundering Council would gain new powers including transaction suspensions, administrative freezes, and subpoenas
- Stronger customer due diligence and reporting requirements are included in the proposed legislation
- The bill is in its early stages and will go through the standard legislative process before any approval
The Philippines could soon tighten its grip on money laundering in the digital space. Senator Joel Villanueva has filed Senate Bill No. 1983, a measure that aims to update the country’s existing anti-money laundering framework.
The bill targets Republic Act No. 9160, the current law governing anti-money laundering efforts in the Philippines. Villanueva argues the law no longer reflects how criminals move money in the modern era.
According to a report from the Philippine News Agency, the senator wants to strengthen the country’s defenses against cyber threats. He also wants to protect the integrity of the broader financial system.
The proposed legislation would expand the list of entities required to follow anti-money laundering rules. Online gambling operators, virtual asset service providers, trust and company services, and certain lawyers and accountants would all fall under the new requirements.
This expansion is a direct response to the growing role digital payments play in industries like online gaming. These platforms handle large volumes of transactions daily, making them potential targets for illicit activity.
Online Gaming Operators Face New Compliance Demands
Under the bill, online gaming companies would need to monitor customer activity more closely. They would be expected to actively watch for signs of abuse rather than treating compliance as a secondary concern.
Virtual asset service providers would also face new obligations. This comes as digital currencies and blockchain-based transactions continue to grow across Southeast Asia.
Lawyers and accountants involved in certain financial transactions would not be exempt either. The bill pulls them into the same compliance framework that banks and other financial institutions already follow.
The measure goes beyond just expanding who must comply. It also proposes giving the Anti-Money Laundering Council stronger enforcement tools.
If passed, the council would be able to order the suspension of suspicious transactions. It would also gain the authority to issue administrative freezes and subpoenas on its own.
Faster Court Procedures and Tougher Penalties Proposed
The bill includes proposals for streamlined court procedures in cases involving questionable transactions. The goal is to prevent legal delays from slowing down active investigations.
Tougher rules for customer due diligence are also part of the package. Reporting requirements would be updated to focus more on detecting and disrupting illegal money flows.
Administrative sanctions in the bill are designed to push covered entities toward real detection efforts. The aim is to move past simple checkbox compliance.
The Philippines has been working to strengthen its AML framework for several years. The country has faced pressure from international bodies to close regulatory gaps, particularly around online gaming.
Philippine Offshore Gaming Operators, known as POGOs, have drawn scrutiny in recent years over concerns about fraud and money laundering. Many of these operations have since been shut down or relocated.
Senate Bill No. 1983 is still in its early stages. It will need to pass through committee hearings, Senate debates, and eventually align with any House counterpart before becoming law.
As of March 2026, no timeline has been set for committee hearings on the bill. Senator Villanueva has stated that the law needs to have teeth and that sectors like online gaming and virtual assets must play a role in keeping the financial system clean.
