Media Outlets Warned Against Revealing AMLC Reports
In a move to ensure compliance with anti-money laundering laws, President Gloria Macapagal-Arroyo has signed into law Republic Act No. 9194, which prohibits the media and financial institutions from revealing information related to suspicious transactions reported to the Anti-Money Laundering Council (AMLC).
Provisions of the Law
- Covered institutions and their officers and employees are prohibited from communicating directly or indirectly with anyone about a report made to the AMLC, including the contents of the report.
- The media is barred from publishing or airing any information related to such reports.
- Failure to comply with this provision can result in criminal liability for both the financial institution’s officer or employee and the media outlet responsible for the breach.
Authority and Penalties
- The law grants the AMLC authority to inquire into bank deposits and investments suspected of being linked to unlawful activities or money laundering offenses.
- The Bangko Sentral ng Pilipinas (BSP) is empowered to conduct examinations of such transactions during its regular inspections of banking institutions.
- Malicious reporting, defined as the filing of false information about a money laundering transaction against someone without probable cause, can result in imprisonment ranging from six months to four years and fines ranging from PHP 100,000 to PHP 500,000.
Effective Date
The new law takes effect 15 days after its publication in the Official Gazette or at least two national newspapers. Existing freeze orders issued by the AMLC will remain in force for a period of 30 days after the law’s effectivity, unless extended by the Court of Appeals.
New Law Strengthens Anti-Money Laundering Efforts
The signing of Republic Act No. 9194 is seen as a significant step forward in the country’s efforts to combat money laundering and terrorist financing. The new law aims to ensure that financial institutions and the media are held accountable for any breaches of confidentiality related to AMLC reports.
“The law demonstrates our commitment to implementing effective measures against money laundering and terrorist financing,” said President Arroyo. “We will continue to work with our partners in the financial sector and the media to ensure that we can effectively combat these threats.”
Key Provisions of the Law
- Prohibits covered institutions and their officers and employees from communicating directly or indirectly with anyone about a report made to the AMLC.
- Bars the media from publishing or airing any information related to such reports.
- Imposes penalties for malicious reporting, including imprisonment and fines.
- Grants the AMLC authority to inquire into bank deposits and investments suspected of being linked to unlawful activities or money laundering offenses.
- Empowers the BSP to conduct examinations of bank deposits and investments during its regular inspections of banking institutions.