ANTI-MONEY LAUNDERING ACT (AMLA)

ANTI-MONEY LAUNDERING ACT (AMLA)

REGULATORY FRAMEWORK FOR Stages of Money Laundering

BUSINESS TRANSACTIONS (RFBT) One. Placement o Launderer inserts dirty money into a legitimate CPALE Concept Notes financial institution

ANTI-MONEY LAUNDERING ACT (AMLA) Two. Layering o Sending the money through various financial transactions to change its form and more difficult to follow Topics Covered:

Eight. Law on Other Business Transactions

Three. Integration

Eight point four. AMLA Law o Money re-enters mainstream economy in legitimate-

Eight point four point one. Purpose, Policies, and Principles looking form

Eight point four point two. Definition of Terms

Eight point four point three. Unlawful Activities

Eight point four point four. Covered Persons Punishable Acts under AMLA

Eight point four point five. Money Laundering, Terrorism and Financing, and One. ACTUAL OR PROPER MONEY LAUNDERING

Asset Forfeiture

Eight point four point six. Preventive Measures and Obligations of Covered Persons Requisites:

Eight point four point seven. Beneficial Ownership

Eight point four point eight. Record-keeping Requirements A. Involves Any Monetary instrument or Property

Eight point four point nine. Safe Harbor

B. Relates to Proceeds of Any Unlawful Activity (Predicate Crimes)

Anti-Money Laundering Council (AMLC) o Kidnapping for ransom Members of the AMLC o Violation of: All members must act unanimously to carry out its functions Anti-Carnapping Act Chairman: BSP Governor Comprehensive Dangerous Drugs Act Members: Anti-Graft and Corrupt Practices Act o SEC Chairperson o Bribery o IC Commissioner o Fraud and Illegal Exactions and Transactions Key Functions of the AMLC o Malversation of Public Funds and Property

One. Investigate covered and suspicious transactions o Forgeries and Counterfeiting

Two. To avail of the following Legal Remedies o Plunder o Robbery and Extortion (must be with violence or intimidation) a. File a Criminal Case o Qualified Theft (not ordinary theft) o To the Regional Trial Court (RTC) o Jueteng and Masiao

Exception:

o Swindling (or Estafa) To the Sandiganbayan if a Public Official with SG twenty-seven and above o Smuggling o Violation of Anti-Fencing Law b. Civil Forfeiture o Piracy on the High Seas o To the Regional Trial Court (RTC) o Hijacking o Turned over to the national government, net of related expenses o Destructive Arson and Murder o Terrorism and Conspiracy to Commit Terrorism c. Bank Examination Order o Financing of Terrorism o To the Court of Appeals (CA) o Violation of: Must establish probable cause Illegal or Unlawful Possession, Manufacture, o CA must act on the petition within twenty-four hours Acquisition of Firearms, Ammunition, or Explosives o Once approved, effective for one hundred twenty days, extendible Anti-Trafficking in Persons Act for the same period for good cause Migrant Workers and Overseas Filipinos Act o Not necessary if unlawful activity relates to: Revised Forestry Code Kidnapping for Ransom Philippine Fisheries Code Comprehensive Dangerous Drugs Act Terrorism and Conspiracy to Commit Terrorism Philippine Mining Act Hijacking, Destructive Arson, Murder Wildlife Resources Conservation and Protection Act National Caves and Cave Resources d. Bank Freeze Order Management Protection Act o To the Court of Appeals (CA) upon ex parte application o Applies to bank accounts and financial instruments Anti-Photo and Video Voyeurism Act Anti-Child Pornography Act Must also establish probable cause Special Protection of Children Against Abuse, o CA must act on the petition within twenty-four hours Exploitation, and Discrimination o A Preliminary Freeze Order is effective immediately for twenty days, which is then lifted (ipso facto lifted) E-Commerce Act if not extended for a maximum of six months Intellectual Property Code e. Asset Preservation Order Securities Regulation Code (SRC) o To the Regional Trial Court (RTC) Strategic Trade Management Act (Any activity in violation of NSC-STMCom Orders or Regulations)

o Effective until judgment o Applies even to other assets than money Tax Evasion where Basic Tax is in excess of twenty-five million per taxable year Money Laundering (malicious intent or willful misrepresentation)

Money Laundering - a crime committed by any person knowing that any o Felonies or offenses of similar nature punishable monetary instrument or property represents, involves, or relates to the under penal laws of other countries proceeds of any unlawful activity and performed consummating acts

C. Having Knowledge Thereof, and Covered Transactions

D. Performed Consummating Acts Covered entities must report to the AMLC within five working days from occurrence, extendable up to fifteen working days o Transacts or Converts or Conceals (TCC) the monetary instrument or property Required Amount (Threshold) to be a Covered Transaction o Attempts or Conspires to Commit TCC o Aids or Abets or Assists to TCC General Rule In excess of five hundred thousand o Performs or Fails to Perform but Facilitates the TCC As to Jewelry Dealers In excess of one million As to Casinos In excess of five million