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The Philippines’ government enacted this anti-money property from the corresponding monetary instrument

laundering law in 2001 and it defines the crime of or property.


money laundering, details penalties for violating these  If any particular monetary instrument or property has
rules and also provides guidelines for financial been altered in value, the convicted offender should
institutions on how to ensure compliance with the law. pay an amount equal to the said value.
The Bangko Sentral ng Pilipinas (BSP) oversees the
enforcement of this Act. 5. Mutual Assistance among States
 AMLC can execute or refuse the request for assistance
1. Requirements for preventing money from a foreign state.
laundering  AMLC has the following powers to act on the request
from a foreign state:
Customer Identification 1. Track down, freeze, restrain and seize assets alleged
 Covered institutions should establish and record the to be proceeds of any unlawful activity
true identity of its clients based on official documents. 2. Give information needed by the foreign State
 They should maintain a system of verifying the true 3. Apply for an order of forfeiture of any monetary
identity of their clients instrument or property in the court
 In case of corporate clients, they should require a  AMLC can obtain assistance from foreign states in all
system of verifying their the above.
 Legal existence  The AMLC can refuse request for assistance where it
 Organizational structure contravenes any provision of the Constitution or the
 Authority and identification of all persons execution of a request is likely to prejudice the national
purporting to act on their behalf. interest of the Philippines.
 The provisions of existing laws to the contrary
notwithstanding, anonymous accounts, accounts 6. Penal Provisions
under fictitious names, and all other similar accounts
should be absolutely prohibited. Penalties for the Crime of Money Laundering
 Peso and foreign currency non-checking numbered
accounts should be allowed. Money Laundering Penalty
 The BSP can conduct annual testing to determine the Offence
existence and true identity of the owners of such Any person knowing that 7-17 years imprisonment
accounts. any monetary instrument Fine of not less than 3
or property represents, million Php but not more
Recordkeeping involves, or relates to, the than twice the value of the
 All records of all transactions of covered institutions proceeds of any unlawful monetary instrument or
should be maintained and safely stored for 5 years activity, transacts or property
from the dates of transactions. attempts to transact said
 With respect to closed accounts, the records on monetary instrument or
customer identification, account files and business property.
correspondence, should be preserved and safely Any person knowing that 4-7 years imprisonment
stored for at least five years from the dates when they any monetary instrument Fine of not less than 1
were closed. or property involves the million Php but not more
proceeds of any unlawful than 3 million Php
Reporting of Covered Transactions activity, performs or fails to
 Covered institutions should report to the BSP’s Anti perform any act as a result
Money Laundering Council (AMLC) all covered of which he facilitates the
transactions within five working days from occurrence. offense of money
 When reporting covered transactions to the AMLC, laundering
covered institutions and their officers, employees, Any person knowing that 6 months -4 years
representatives, agents, advisors, consultants or any monetary instrument imprisonment
associates should not communicate, directly or or property is required Fine of not less than
indirectly, to any person the fact that a covered under this Act to be 100,000 Php but not more
transaction report was made, its contents or any disclosed and filed with than 500,000 Php or both
related information. the Anti-Money
Laundering Council
2. Authority to Freeze – If the AMLC determines (AMLC), fails to do so.
that any deposit or similar account is related to unlawful
activity, it can issue a freeze order to be effective
Penalties for Failure to Keep Records:
immediately.
 6 months to 1 year imprisonment
 Fine of not less than 100,000 Php but not more than
3. Authority to Inquire into Bank Deposits - The
500,000 Php or both
AMLC can inquire into or examine any particular
deposit or investment with any banking institution or
Penalties for Malicious Reporting.
non-bank financial institution upon order of any
 6 months to 4 years imprisonment
competent court in cases of violation of this Act
 Fine of not less than 100,000 Php but not more than
500,000 Php
4. Forfeiture Provisions
 Revised Rules of Court on Civil forfeiture should be
Penalties for Breach of Confidentiality.
applied
 3-8 years of imprisonment
 The offender should submit a verified petition to
 Fine of not less than 500,000 Php but not more than 1
declare segregation or exclusion of the legitimate
million Php
Republic Act No. 9194 March 7, 2003 "(i) 'Unlawful activity' refers to any act or omission
or series or combination thereof involving or having
AN ACT AMENDING REPUBLIC ACT NO. 9160, direct relation to following:
OTHERWISE KNOWN AS THE "ANTI-MONEY
LAUNDERING ACT OF 2001" "(1) Kidnapping for ransom under Article 267 of Act
No. 3815, otherwise known as the Revised Penal
Be it enacted by the Senate and House of Code, as amended;
Representative of the Philippines in Congress
assembled: "(2) Sections 4, 5, 6, 8, 9, 10, 12, 13, 14, 15, and 16
of Republic Act No. 9165, otherwise known as the
SECTION 1. Section 3, paragraph (b) of Republic Act Comprehensive Dangerous Act of 2002;
No. 9160 is hereby amended as follows:
"(3) Section 3 paragraphs B, C, E, G, H and I of
"(b) 'Covered transaction' is a transaction in cash or republic Act No. 3019, as amended, otherwise
other equivalent monetary instrument involving a known as the Anti-Graft and Corrupt Practices Act;
total amount in excess of Five hundred thousand
pesos (PhP 500,000.00) within one (1) banking day. "(4) Plunder under Republic Act No. 7080, as
amended;
SECTION 2. Section 3 of the same Act is further
amended by inserting between paragraphs (b) and "(5) Robbery and extortion under Articles 294, 295,
(c) a new paragraph designated as (b-1) to read as 296, 299, 300, 301 and 302 of the Revised Penal
follows: Code, as amended;

"(b-1) 'Suspicious transaction' are transactions with "(6) Jueteng and Masiao punished as illegal
covered institutions, regardless of the amounts gambling under Presidential Decree No. 1602;
involved, where any of the following circumstances
exist: "(7) Piracy on the high seas under the Revised Penal
Code, as amended and Presidential under the
1. there is no underlying legal or trade obligation, Revised Penal Code, as amended and Presidential
purpose or economic justification; Decree No. 532;

2. the client is not properly identified; "(8) Qualified theft under Article 310 of the Revised
penal Code, as amended;
3. the amount involved is not commensurate with
the business or financial capacity of the client; "(9) Swindling under Article 315 of the Revised Penal
Code, as amended;
4. taking into account all known circumstances, it
may be perceived that the client's transaction is "(10) Smuggling under Republic Act Nos. 455 and
structured in order to avoid being the subject of 1937;
reporting requirements under the Act;
"(11) Violations under Republic Act No. 8792,
5. any circumstances relating to the transaction otherwise known as the Electrinic Commerce Act of
which is observed to deviate from the profile of the 2000;
client and/or the client's past transactions with the
covered institution; "(12) Hijacking and other violations under Republic
Act No. 6235; destructive arson and murder, as
6. the transactions is in a way related to an unlawful defined under the Revised Penal Code, as amended,
activity or offense under this Act that is about to be, including those perpetrated by terrorists against
is being or has been committed; or non-combatant persons and similar targets;

7. any transactions that is similar or analogous to "(13) Fraudulent practices and other violations
any of the foregoing." under Republic Act No. 8799, otherwise known as
the Securities Regulation Code of 2000;
SECTION 3. Section 3(i) of the same Act is further
amended to read as follows: "(14) Felonies or offenses of a similar nature that are
punishable under the penal laws of other
countries."
SECTION 4. Section 4 of the same Act is hereby
amended to read as follows: "(4) to cause the filing of complaints with the
Department of Justice or the Ombudsman for the
"SEC. 4. Money Laundering Offense. -- Money prosecution of money laundering offenses;
laundering is a crime whereby the proceeds of an
unlawful activity as herein defined are transacted, "(5) to investigate suspicious transactions and
theeby making them appear to have originated from covered transactions deemed suspicious after an
legitimate sources. It is committed by the following: investigation by AMLC, money laundering activities
and other violations of this Act;
(a) Any person knowing that any monetary
instrument or property represents, involves, or "(6) to apply before the Court of Appeals, ex parte,
relates to, the proceeds of any unlawful activity, for the freezing of any monetary instrument or
transacts or attempts to transacts said monetary property alleged to be the proceeds of any unlawful
instrument or property. activity as defined in Section 3(i) hereof;

(b) Any person knowing that any monetary "(7) to implement such measures as may be
instrument or property involves the proceeds of any necessary and justified under this Act to counteract
unlawful activity, performs or fails to perform any money laundering;
act as a result of which he falicitates the offense of
money laundering referred to in paragraph (a) "(8) to receive and take action in respect of, any
above. request from foreign states for assistance in their
own anti-money laundering operations provided in
(c) Any person knowing that any monetary this Act;
instrument or property is required under this Act to
be disclosed and filed with the Anti-Money "(9) to develop educational programs on the
Laundering Council (AMLC), fails to do so." pernicious effects of money laundering, the
methods and techniques used in the money
SECTION 5. Section 7 of the same Act is hereby laundering, the viable means of preventing money
amended as follows: laundering and the effective ways of prosecuting
and punishing offenders;
"SEC.7. Creation of Anti-Money Laundering Council
(AMLC). -- The Anti-Money Laundering Council is "(10) to enlist the assistance of any branch,
hereby created and shall be composed of the department, bureau, office, agency, or
Governor of the Bangko Sentral ng Pilipinas as instrumentality of the government, including
chairman, the Commissioner of the Insurance government-owned and -controlled corporations, in
Commission and the Chairman of the Securities and undertaking any and all anti-money laundering
Exchange Commission as member. The AMLC shall operations, which may include the use of its
shall act unanimously in the discharge of its personnel, facilities and resources for the more
functions as defined hereunder: resolute prevention, detection, and investigation of
money laundering offenses and prosecution of
"(1) to require and receive covered or suspicious offenders; and
transaction reports from covered institutions;
"(11) to impose administrative sanctions for the
"(2) to issue orders addressed to the appropriate violation of laws, rules, regulations, and orders and
Supervising Authority or the covered institutions to resolutions issued pursuant thereto."
determine the true identity of the owner of any
monetary instrument or preperty subject of a SECTION 6. Section 9(c) of the same Act is hereby
covered transaction or suspicious transaction report amended to read as follows:
or request for assistance from a foreign State, or
believed by the Council, on the basis fo substantial "(c) Reporting of Covered and Suspicious
evidence, to be, in whole or in part, wherever Transactions. -- Covered institutions shall report to
located, representing, involving, or related to the AMLC all covered transactions and suspicious
directly or indirectly, in any manner or by any transactions within five(5) working days from
means, the proceeds of an unlawful activitity. occurrences thereof, unless the Supervising
Authority prescribes a longer period not exceeding
"(3) to institute civil forfeiture proceedings and all ten (10) working days.
other remedial proceedings through the Office of th
Solicitor General;
"Should a transaction be determined to be both a amended, Republic Act No. 8791, and other laws,
covered transaction and a suspicious transaction, the AMLC may inquire into or examine any
the covered institution shall be required to report particular deposit or investment with any banking
the same as a suspicious transaction. institution or non-bank financial institution upon
order of any competent court in cases of violation of
"When reporting covered or suspicious transactions this Act, when it has been established that there is
to the AMLC, covered institutions and their officers probable cause that the deposits or investments are
and employees shall not be deemed to have related to an unlawful activities as defined in Section
violated Republic Act No. 1405, as amended, 3(I) hereof or a money laundering offense under
Republic Act No. 6426, as amended, Republic Act Section 4 hereof, except that no court order shall be
No. 8791 and other similar laws, but are prohibited required in cases involving unlawful activities
from communicating, directly or indirectly, in any defined in Sections 3(I)1, (2) and (12).
manner or by an means, to any person, the fact that
a covered or suspicious transaction report was "To ensure compliance with this Act, the Bangko
made, the contents thereof, or any other Sentral ng Pilipinas (BSP) may inquire into or
information in relation thereto. In case of violation examine any deposit of investment with any
thereof, the concerned officer and employee of the banking institution or non-bank financial institution
covered institution shall be criminally liable. when the examination is made in the course of a
However, no administrative, criminal or civil periodic or special examination, in accordance with
proceedings, shall lie against any person for having the rules of examination of the BSP.
made a covered or suspicious transaction report in
the regular performance of his duties in good faith, SECTION 9. Section 14, paragraphs (c) and (d) of the
whether or not such reporting results in any criminal same Act is hereby amended to read as follows:
prosecution under this Act of any other law.
"(c) Malicious Reporting. Any person who, with
"When reporting covered or suspicious transactions malice, or in bad faith, reports or files a completely
to the AMLC, covered instituting and their officers unwarranted or false information relative to money
and employees are prohibited from communicating laundering transaction against any person shall be
directly or indirectly, in any manner or by any subject to a penalty to six (6) months to four (4)
means, to any person or entity, the media, the fact years imprisonment and a fine of not less than One
that a covered or suspicious transaction report was hundred thousand Philippine pesos
made, the contents thereof, or any other (Php100,000.00) but not more than Five hundred
information in relation thereto. Neither may such thousand Philippine pesos (Php500,000.00), at the
reporting be published or aired in any manner or discretion of the court: Provided, That the offender
form by the mass media, electronic mail, or other is not entitled to avail the benefits of the Probation
similar devices. In case of violation thereof, the Law.
concerned officer and employee of the covered
institution and media shall be held criminally liable. "If the offender is a corporation, association,
partnership or any juridical person, the penalty shall
SECTION 7. Section 10 of the same Act is hereby be imposed upon the responsible officers, as the
amended to read as follows: case may be, who participated in, or allowed by
their gross negligence, the commission of the crime.
"Sec 10. Freezing of Monetary Instrument or If the offender is a juridical person, the court may
Property. -- The Court of Appeals, upon application suspend or revoke its license. If the offer is an alien,
ex parte by the AMLC and after determination that he shall, in addition to the penalties herein
probable cause exists that any monetary instrument prescribed, be deported without further
or property is in any way related to an unlawful proceedings after serving the penalties herein
activity as defined in Section 3(i) hereof, may issue a prescribed. If the offender is a public official or
freeze order which shall be effective immediately. employee, he shall, in addition to the penalties
The freeze order shall be for a period of twenty (20) prescribed herein, suffer perpetual or temporary
days unless extended by the court. absolute disqualification from office, as the case
may be.
SECTION 8. Section 11 of the same Act is hereby
amended to read as follows: "Any public official or employee who is called upon
to testify and refuses to do the same or purposely
"Sec. 11. Authority to Inquire into Bank Deposits. -- fails to testify shall suffer the same penalties
Notwithstanding the provisions of Republic Act No. prescribed herein.
1405, as amended, Republic Act No. 6426, as
"(d) Breach of Confidentiality. The punishment of
imprisonment ranging from three (3) to eight (8)
years and a fine of not less than Five hundred
thousand Philippine pesos (Php500,000.00) but not
more than One million Philippine pesos
(Php1,000,000.00) shall be imposed on a person
convicted for a violation under Section 9(c). In the
case of a breach of confidentiality that is published
or reported by media, the responsible reporter,
writer, president, publisher, manager and editor-in-
chief shall be liable under this Act.

SECTION 10. Section 15 of Republic Act No. 9160 is


hereby deleted.

SECTION 11. Section 23 of the same Act is hereby


amended to read as follows:

"SEC. 23. Effectivity. -- This Act shall take effect


fifteen (15) days after its complete publication in the
Official Gazette or in at least two (2) national
newspapers of general circulation.

SECTION 12. Transitory Provision. -- Existing freeze


orders issued by the AMLC shall remain in force for
a period of thirty (30) days after the effectivity of
this Act, unless extended by the Court of Appeals.

SECTION 13. Effectivity. -- This Act shall take effect


fifteen (15) days after its complete publication in the
Official Gazette or in at least two (2) national
newspapers of general circulation.