Sen Lacson files bill to boost AMLC powers

Senator Pro Tempore Ping Lacson has filed Senate Bill 1557 to strengthen the Anti-Money Laundering Council (AMLC) amid a major corruption scandal.

The proposed bill aims to expand the AMLC's powers by broadening the scope of individuals they can investigate and updating the list of offenses classified as money laundering.

Lacson emphasized that strengthening the AMLC is crucial to prevent the Philippines from being placed on the Financial Action Task Force (FATF) greylist, although the country was removed from this list in February.

Senate Bill 1557 seeks to amend the existing AMLC law, allowing the council to have subpoena powers, file freeze orders and civil forfeiture petitions directly, and conduct bank inquiries more efficiently without requiring a court order in expanded cases.

The measure broadens the scope of offenses to include terrorism, cybercrime, child exploitation, Anti-Dummy Act violations, and agricultural economic sabotage, and expands coverage of persons to include those buying and selling real estate, lawyers and accountants, and online gambling operators.