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Questions and Answers
What happens if a court's order of forfeiture cannot be enforced due to the property's unavailability?
What happens if a court's order of forfeiture cannot be enforced due to the property's unavailability?
- The court may order the offender to pay an amount equal to the value of the property. (correct)
- The offender is exempt from all charges.
- The property must be returned to the offender.
- The forfeiture order is automatically void.
Which of the following conditions can lead to the ineffectiveness of a forfeiture order?
Which of the following conditions can lead to the ineffectiveness of a forfeiture order?
- The property is sold to a third party.
- The property is mistakenly identified as belonging to someone else.
- The property is hidden by the offender. (correct)
- The property has been judiciously maintained.
When the AMLC receives a request for assistance from a foreign state, what are its options?
When the AMLC receives a request for assistance from a foreign state, what are its options?
- The AMLC may execute the request or refuse with valid reasons. (correct)
- The AMLC may refuse to execute the request without explanation.
- The AMLC must execute the request without conditions.
- The AMLC is required to delay the request indefinitely.
What principle should be recognized by the AMLC when handling requests from foreign states?
What principle should be recognized by the AMLC when handling requests from foreign states?
Which of the following scenarios would likely NOT lead to a court ordering payment equivalent to the value of the property?
Which of the following scenarios would likely NOT lead to a court ordering payment equivalent to the value of the property?
What are covered institutions prohibited from doing regarding covered transaction reports?
What are covered institutions prohibited from doing regarding covered transaction reports?
What is the maximum duration for which the AMLC's freeze order on an account can remain effective?
What is the maximum duration for which the AMLC's freeze order on an account can remain effective?
What happens if an employee or officer of a covered institution shares details of a covered transaction report?
What happens if an employee or officer of a covered institution shares details of a covered transaction report?
How long does a depositor have to explain a freeze order after receiving notice?
How long does a depositor have to explain a freeze order after receiving notice?
Which of the following statements is true regarding the liability for making a covered transaction report?
Which of the following statements is true regarding the liability for making a covered transaction report?
What must the AMLC do upon receiving an explanation from a depositor regarding a freeze order?
What must the AMLC do upon receiving an explanation from a depositor regarding a freeze order?
What is one of the powers of the AMLC when executing a request for assistance from a foreign State?
What is one of the powers of the AMLC when executing a request for assistance from a foreign State?
Which statement about the communication of covered transaction reports is correct?
Which statement about the communication of covered transaction reports is correct?
Which document must accompany an application for an order of forfeiture in court?
Which document must accompany an application for an order of forfeiture in court?
What laws provide protection to those reporting covered transactions in good faith?
What laws provide protection to those reporting covered transactions in good faith?
What type of information may the AMLC request from a foreign State?
What type of information may the AMLC request from a foreign State?
Which condition must be met for the AMLC to apply for a search order in a foreign State?
Which condition must be met for the AMLC to apply for a search order in a foreign State?
What must the AMLC provide when applying for an order of forfeiture of property in a foreign State?
What must the AMLC provide when applying for an order of forfeiture of property in a foreign State?
What does the AMLC need to prove when requesting to enter premises in a foreign State?
What does the AMLC need to prove when requesting to enter premises in a foreign State?
What is required from a competent officer in the requesting State regarding the conviction?
What is required from a competent officer in the requesting State regarding the conviction?
What is one of the limitations on requests for mutual assistance by the AMLC?
What is one of the limitations on requests for mutual assistance by the AMLC?
How many members constitute the Congressional Oversight Committee?
How many members constitute the Congressional Oversight Committee?
Who appoints the members from the Senate to the Oversight Committee?
Who appoints the members from the Senate to the Oversight Committee?
Under what condition may the AMLC refuse to comply with a request for assistance?
Under what condition may the AMLC refuse to comply with a request for assistance?
What is one of the requirements for a request for mutual assistance from a foreign State?
What is one of the requirements for a request for mutual assistance from a foreign State?
What is the minimum number of minority representatives required in the Oversight Committee from the Senate?
What is the minimum number of minority representatives required in the Oversight Committee from the Senate?
What is the initial appropriation allocated to the Anti-Money Laundering Council (AMLC)?
What is the initial appropriation allocated to the Anti-Money Laundering Council (AMLC)?
Which information must be included to identify a person in the request for mutual assistance?
Which information must be included to identify a person in the request for mutual assistance?
What happens if any provision of the Act is held to be invalid?
What happens if any provision of the Act is held to be invalid?
What details must be specified regarding the covered institution in the request?
What details must be specified regarding the covered institution in the request?
Which officer is NOT permitted to authenticate documents for the request?
Which officer is NOT permitted to authenticate documents for the request?
When does this Act take effect?
When does this Act take effect?
What is the purpose of the Congressional Oversight Committee?
What is the purpose of the Congressional Oversight Committee?
Which document is required to assist in the execution of the mutual assistance request?
Which document is required to assist in the execution of the mutual assistance request?
Which of the following is NOT a part of the repealing clause?
Which of the following is NOT a part of the repealing clause?
What must the request specify in terms of information or documents to be obtained?
What must the request specify in terms of information or documents to be obtained?
What type of seal or certification authenticates a document for the request?
What type of seal or certification authenticates a document for the request?
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Study Notes
Covered Transactions Reporting
- Covered institutions are required to report covered transactions to the AMLC (Anti-Money Laundering Council).
- Covered institutions, their officers, employees, representatives, agents, advisors, consultants, or associates are prohibited from communicating the fact that a covered transaction report was made, its content, or any related information.
- Violation of the communication restrictions carries criminal liability for the concerned individuals.
- Individuals who report transactions in good faith as part of their duties are protected from administrative, criminal, or civil proceedings.
Freeze Orders
- The AMLC can issue a freeze order on any deposit or similar account suspected of being related to unlawful activity.
- Freeze orders are effective immediately and last for a maximum of 15 days.
- The depositor is notified simultaneously with the issuance of the freeze order and has 72 hours to provide an explanation why the freeze order should be lifted.
- The AMLC has 72 hours to decide on the depositor's explanation.
Forfeiture Orders
- The court can issue an order of forfeiture for monetary instruments or property connected to money laundering offenses.
- If the court cannot enforce the forfeiture order because the instrument or property has been substantially altered, destroyed, diminished in value, concealed, removed, converted, transferred outside the Philippines, or commingled with other assets, the court can order the convicted offender to pay an amount equal to the value of the instrument or property.
Mutual Assistance
- The AMLC can cooperate with foreign states in investigating or prosecuting money laundering offenses.
- The AMLC can execute requests for assistance from foreign states, including tracking down, freezing, restraining, and seizing assets, providing information, and applying for forfeiture orders.
- The AMLC can also request assistance from foreign states in tracking down assets, obtaining information, entering premises, and applying for forfeiture orders.
- The AMLC can refuse to comply with requests that violate the Constitution or are likely to prejudice the Philippines' national interests.
The AMLC
- A Congressional Oversight Committee oversees the AMLC.
- The AMLC is provided with an initial appropriation of PhP 25,000,000.00 from the national government.
- Subsequent appropriations are included in the General Appropriations Act.
General
- The Act takes effect 15 days after its publication in the Official Gazette or in at least two national newspapers of general circulation.
- The provisions of the Act do not apply to deposits and investments made before its effectivity.
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