This law establishes the policy of protecting bank accounts and preventing money laundering in the Philippines. It covers transactions exceeding Php500k within one day that financial institutions must report, as well as suspicious transactions regardless of amount. Money laundering offenses are penalized by imprisonment from 4-14 years and fines from Php100k to the value of the funds/property. Regional trial courts have jurisdiction over money laundering cases, while the Sandiganbayan handles cases involving public officials. The Anti-Money Laundering Council oversees implementation and receives disclosures of large transactions and property from covered institutions.
This law establishes the policy of protecting bank accounts and preventing money laundering in the Philippines. It covers transactions exceeding Php500k within one day that financial institutions must report, as well as suspicious transactions regardless of amount. Money laundering offenses are penalized by imprisonment from 4-14 years and fines from Php100k to the value of the funds/property. Regional trial courts have jurisdiction over money laundering cases, while the Sandiganbayan handles cases involving public officials. The Anti-Money Laundering Council oversees implementation and receives disclosures of large transactions and property from covered institutions.
This law establishes the policy of protecting bank accounts and preventing money laundering in the Philippines. It covers transactions exceeding Php500k within one day that financial institutions must report, as well as suspicious transactions regardless of amount. Money laundering offenses are penalized by imprisonment from 4-14 years and fines from Php100k to the value of the funds/property. Regional trial courts have jurisdiction over money laundering cases, while the Sandiganbayan handles cases involving public officials. The Anti-Money Laundering Council oversees implementation and receives disclosures of large transactions and property from covered institutions.
9160 iv) other entities administering or otherwise
ANTI-MONEY LAUNDERING ACT dealing in currency, commodities or financial derivatives based thereon, valuable objects, cash substitutes and other similar Heart of this law: monetary instruments or property supervised Sec. 2 Declaration of Policy or regulated by SEC It is hereby declared the policy of the State to protect and preserve the integrity and confidentiality of bank accounts and to COVERED TRANSACTION ensure that the Philippines shall not be used Sec. 3(b)* THIS IS AMENDED BY RA as a money laundering site for the proceeds 9194 of any unlawful activity. Consistent with its is a single, series, or combination of foreign policy, the State shall extend transactions involving a total amount cooperation in transnational investigations in EXCESS of FOUR MILLION and prosecutions of persons involved in PHILIPPINE PESOS (Php money laundering activities wherever 4,000,000.00) or equivalent in committed. amount in foreign currency -based on the prevailing exchange rate Policy of the state: within five (5) consecutive banking days 1. To protect and preserve the integrity and confidentiality of bank accounts EXCEPTION: -except those between a covered institution 2. To ensure that the Philippines shall not be and a person who, at the time of the used as a money laundering site for the transaction was a properly identified client proceeds of any unlawful activity. and the amount is commensurate with the business or financial capacity of the client; Commitment of the State: or those with an underlying legal or trade -extend cooperation in transnational investigations obligation, purpose, origin or economic and prosecutions of persons involved in money justification laundering activities wherever committed It likewise refers to a single, series or Covered institutions: combination or pattern of unusually 1. Banks, non-banks, quasi-banks, trust large and complex transactions in entities, and all other institutions and their excess of Four million Philippine subsidiaries and affiliates supervised or pesos (Php4,000,000.00) especially regulated by the BSP cash deposits and investments 2. Insurance companies and all other having no credible purpose or institutions supervised or regulated by the origin, underlying trade obligation Insurance Commission or contract. 3. i) securities dealers, brokers, salesmen, investment houses and other similar entitles NOTE: RA 9194 AMENDED RA 9160. managing securities or rendering services as Amendment is reflected in the 2016 IRR. Covered investment agent, advisor, or consultant, transaction – exceeding Php 500k only within one (1) banking day. ii) mutual funds, closed-end investment companies, common trust funds, pre-need SUSPICIOUS TRANSACTIONS – regardless of companies and other similar entities the amount. 1. there is no underlying legal or trade iii) foreign exchange corporations, money obligation, purpose or economic changers, money payment, remittance, and justification; transfer companies and other similar entities 2. the client is not properly identified; 3. the amount involved is not commensurate Note: There are monetary instruments and with the business or financial capacity of properties that need to be disclosed and filed the client; before AMLC. 4. taking into account all known circumstances, it may be perceived that the client’s transaction is structured in order Who has jurisdiction to try money- to avoid being the subject of reporting laundering cases? requirements under the Act; Sec. 5 5. any circumstance relating to the transaction which is observed to deviate from the RTC – has jurisdiction to try all profile of the client and/or the client’s past cases on money laundering. transactions with the covered institution; 6. the transaction is in any way related to an Sandiganbayan – if committed by unlawful activity or offense under this Act public officers and private persons that is about to be, is being or has been who are in conspiracy with public committed; or officers. 7. any transaction that is similar or analogous to any of the foregoing. Anti-Money Laundering Council (AMLC) Sec. 7 Composition: MONEY LAUNDERING OFFENSE 1. Chairman – BSP Governor Sec. 4 2. Members – Comssioners of Insurance -proceeds of an unlawful activity are transacted Commission and Chair of SEC -thereby making them appear to have originated from legitimate sources
Committed by & Penal Provision (Sec. 14):
(a) Any person knowing that any monetary
instrument or property represents, involves, or relates to, the proceeds of any unlawful activity, transacts or attempts to transact said monetary instrument or property. (7-14 yrs imprisonment & Php 3M to not more than value of monetary instrument or property)
(b) Any person knowing that any monetary
instrument or property involves the proceeds of any unlawful activity, performs or fails to perform any act as a result of which he facilitates the offense of money laundering referred to in paragraph (a) above. (4-7 yrs imprisonment & 1.5-3M fine)
(c) Any person knowing that any monetary
instrument or property is required under this Act to be disclosed and filed with the Anti- Money Laundering Council (AMLC), fails to do so. (6 mos - 4yrs imprisonment & Php100k – Php500k fine)