Philippine President Benigno Aquino III signed a law Monday that makes terror financing a crime with a long prison term in a Southeast Asian nation that has been scarred by bloody attacks and continues to battle al-Qaida-linked militants.

Presidential spokesman Edwin Lacierda said the "Terrorism Financing Prevention and Suppression Act" signed by Aquino is a new legal weapon against Abu Sayyaf gunmen, who have been crippled by years of U.S.-backed assaults but still pose a threat.

Financiers of terrorism were previously treated as mere accomplices, but the new law considers them as key players in terrorism. Aside from a 40-year prison term, convicted offenders can be fined up to 1 million pesos ($23,255).

The Philippines has long battled a number of al-Qaida-linked groups, including the Abu Sayyaf, which has been blamed for bombings, beheadings and kidnappings and accused of harboring foreign extremists.