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Money Laundering in the Philippines: What You Need to Know
Money laundering is a serious offense in the Philippines that is punishable by law. According to Republic Act No. 9160, as amended by R.A. No. 9194 and R.A. No. 10167, money laundering is defined as the concealment or disguise of illegally obtained funds in order to make them appear legitimate.
The Anti-Money Laundering Act (AMLA)
The AMLA of 2001 criminalizes money laundering and imposes various requirements on financial institutions, including:
- Customer identification
- Record-keeping
- Reporting of covered and suspicious transactions
The law also relaxes strict bank deposit secrecy laws and provides for the freezing, seizure, and forfeiture of illegally obtained funds or property.
Financial Intelligence Unit (FIU)
Under AMLA, the FIU is responsible for monitoring and investigating money laundering activities. The FIU works closely with the Anti-Money Laundering Council (AMLC), which is authorized to:
- Inquire into or examine any particular deposit or investment upon order of a competent court
- Conduct examinations of financial institutions to ensure compliance with AMLA
International Cooperation
The law also provides for international cooperation in combating money laundering, allowing the Philippines to share information and coordinate efforts with other countries to prevent and prosecute this crime.
Recent Amendments
Recent amendments to AMLA have:
- Lowered the threshold amount for single covered transactions from P4 million to P500,000 within one banking day
- Expanded reporting requirements to include suspicious transactions regardless of the amount involved
Additional Powers
AMLC is authorized to inquire into or examine any particular deposit or investment without a court order in cases involving unlawful activities such as:
- Kidnapping for ransom
- Narcotics offenses
- Hijacking
The Bangko Sentral ng Pilipinas (BSP) is also empowered to conduct examinations of financial institutions to ensure compliance with AMLA.
Strengthening the Anti-Money Laundering Regime
In recent years, the Philippines has taken significant steps to strengthen its anti-money laundering regime. The Revised Implementing Rules and Regulations of R.A. No. 9160, as amended by R.A. No. 9194 and R.A. No. 10167, provides for new procedures and guidelines for financial institutions and law enforcement agencies.
Combating Money Laundering
The Philippines is committed to combating money laundering and terrorist financing, and has been recognized as a major player in the global fight against these crimes. With its robust anti-money laundering regime, the country is well-positioned to prevent and prosecute this serious offense.