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ANTI-MONEY
LAUNDERING ACT
By: ATTY. JACINTO D. JIMENEZ
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1, 2,
3
E.
Unlawful Activity
1.
Kidnapping for ransom
2.
Sections 3, 4, 5, 7, 8, 9, 10, 12, 13, 14, 15 or 16 of the
Comprehensive Dangerous Drugs Act
3.
Section 3, paragraphs B, C, D, E, G, H and I of the Anti-Graft and
Corrupt Practices Act
4.
Plunder
5.
Robbery and extortion
6.
Jueteng and masiao
7.
Piracy on the high seas
8.
Qualified theft under Article 310 of the Revised Penal Code
9.
Swindling under Article 315 of the Revised Penal Code
10.
Smuggling
11.
Violation of the Electronic Commerce Act
12.
Hijacking, destructive arson and murder
13.
Fraudulent practices under the Securities Regulation Code
14.
Offenses of a similar nature punishable under the penal laws of other
countries. [Section 3 (i)]
II. Antil-Money
Laundering Council
A.
Composition
1.
Governor of the Bangko Sentral ng Pilipinas
2.
Insurance Commissioner
3.
Chairman of the Securities and Exchange Commission
B.
Requirement for Discharge of Functions: - Unanimity
C. Important
Functions
1.
To require and receive covered or
suspicious transaction reports from covered institutions.
2.
To
issue orders to the Supervising Authority or covered institution to
determine the true identity of the owner of any monetary investment or
property subject of a covered transaction or suspicious transaction
report or request for assistance from a foreign state, or believed on
the basis of substantial evidence be the proceeds of an unlawful
activity.
3.
To
institute civil forfeiture proceedings and all other remedial
proceedings through the Office of the Solicitor General.
4.
To
cause the filing of complaints with the Department of Justice or the
Ombudsman for the prosecution of money laundering offense.
5.
To
investigate suspicious transactions and covered transactions deemed
suspicious after an investigation, money laundering activities, and
other violations of this Act.
6.
To
apply before the Court of Appeals ex parte for the freezing of
any monetary instrument or property alleged to be proceeds of any
unlawful activity.
7.
To
implement measures to counteract money laundering
8.
To
take action on any request from foreign states for assistance in their
anti-money laundering operations.
9.
To
develop educational programs on money-laundering.
10.
To
enlist assistance of any instrumentality of the government.
11.
To
impose administrative sanctions for violation of laws, rules, order and
resolutions (Section 7)
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