Act on Anti-Money Laundering
The Act defines a ‘covered transaction‘ as a single, series, or combination of transactions involving a total amount in excess of PHP 4 million (€69,775), except those between a relevant institution and a person who, at the time of the transaction was a properly identified client and the amount is commensurate with the business or financial capacity of the client; or those with an underlying legal or trade obligation, purpose, origin or economic justification. (Sec. 3(b) of the Act)
Sec. 9 of the Act, stipulates that when reporting covered transactions to the AMLC, relevant institutions and their associates are prohibited from communicating, directly or indirectly, in any manner or by any means, to any person, entity, or the media, the fact that a covered transaction report was made, the contents thereof, or any other information in relation thereto.
The Act specifies that the following actions shall be considered money laundering:
- transacting or attempting to transact any monetary instrument or property knowing that said instrument or property represents, involves, or relates to, the proceeds of any unlawful activity;
- facilitating the offense of money laundering referred to in the paragraph above by performing or failing to perform any act in the knowledge that any monetary instrument or property involves the proceeds of any unlawful activity; or
- failing to disclose and file with the AMLC any monetary instrument or property as required by the Act. (Sec. 4 of the Act)
In addition, Sec. 12(c) of the Act provides that where a court has issued an order of forfeiture of the monetary instrument or property subject of a money laundering offense, and said order cannot be enforced because any particular monetary instrument or property has, among other things, been commingled with other monetary instruments or property belonging to either the offender himself or a third person or entity, the convicted offender may be required to pay an amount equal to the value of said monetary instrument or property.
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Act on Anti-Money Laundering
The Republic Act No. 9160 on Anti-Money Laundering (2001) (‘the Act‘) seeks to protect and preserve the integrity and confidentiality of bank accounts, and ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity. In particular, the Act establishes the Anti-Money Laundering Council (‘AMLC‘), defines money laundering and requirements for reporting transactions to the AMLC, as well as specifying penalties for violations of the Act.
Last Updated: July 30, 2019
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