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Tighter Money Laundering Laws: Hefty Fines and Imprisonment for Offenders

In an effort to strengthen the country’s anti-money laundering efforts, the government has introduced stricter penalties for those found guilty of violating money laundering laws.

Increased Penalties for Violators

According to Section 4 of the Act:

• A person convicted under subsection (b) will face imprisonment from six months to four years or a fine ranging from PHP100,000 to PHP500,000, or both.
• Those who fail to keep records as required by law will be slapped with penalties ranging from six months to one year in jail or a fine of PHP100,000 to PHP500,000, or both.

Severe Penalties for Malicious Reporting

The Act also imposes severe penalties on individuals who maliciously report false information about money laundering transactions against another person. These offenders can face:

• Imprisonment from six months to four years
• A fine ranging from PHP100,000 to PHP500,000
• At the discretion of the court

Penalties for Corporations and Individuals

For corporations, associations, partnerships, or juridical persons found guilty of violating the law, the penalty will be imposed on responsible officers who:

• Participated in the commission of the crime
• Knowingly permitted or failed to prevent its commission

If a corporation is found guilty, it may have its license suspended or revoked by the court.

Incentives and Rewards for Government Agencies and Personnel

The Act also provides for special incentives and rewards for government agencies and personnel who:

• Successfully investigate money laundering offenses
• Prosecute and convict persons involved in such offenses

Provisions to Ensure Fairness and Transparency

In addition, the law:

• Prohibits political harassment
• Ensures that no case can be filed against a candidate for an electoral office during an election period
• Establishes a Congressional Oversight Committee to monitor its implementation and ensure that it is not used as a tool for political persecution or to hamper competition in trade and commerce

Implementation Requirements

The Bangko Sentral ng Pilipinas, the Insurance Commission, and the Securities and Exchange Commission are required to promulgate implementing rules and regulations within 30 days from the effectivity of the law. Covered institutions must also formulate their own money laundering prevention programs.

Effective Date and Initial Appropriation

The law takes effect immediately after its approval by the President, and an initial appropriation of PHP25 million has been allocated for the Anti-Money Laundering Council (AMLC) to implement the Act’s provisions.