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What constitutes unlawful activities under the Philippines law?
What constitutes unlawful activities under the Philippines law?
- Legal activities that are improperly documented.
- Participation in community service.
- Robbery without the use of force.
- Acts related to illegal fishing and mining activities. (correct)
Which act is committed when a domestic servant exploits entrusted confidence?
Which act is committed when a domestic servant exploits entrusted confidence?
- Robbery
- Qualified theft (correct)
- Kidnapping
- Plunder
Under the Anti-Graft and Corrupt Practices Act, what is a primary concern?
Under the Anti-Graft and Corrupt Practices Act, what is a primary concern?
- The acceptance of gifts by public officials. (correct)
- Direct involvement in illegal mining activities.
- Performing illegal gambling.
- Infringement of intellectual property.
What is the minimum amount involved in plunder according to Philippine law?
What is the minimum amount involved in plunder according to Philippine law?
Which activity is classified as illegal under PD 1602?
Which activity is classified as illegal under PD 1602?
What type of theft involves the use of force and violence?
What type of theft involves the use of force and violence?
Which act governs the protection of wildlife resources in the Philippines?
Which act governs the protection of wildlife resources in the Philippines?
What is the consequence of illegal recruitment under RA 8042?
What is the consequence of illegal recruitment under RA 8042?
What does an Asset Preservation Order (APO) aim to achieve?
What does an Asset Preservation Order (APO) aim to achieve?
Which of the following is considered a violation under RA 9775?
Which of the following is considered a violation under RA 9775?
Which act regulates fraudulent practices such as wash sales and insider trading?
Which act regulates fraudulent practices such as wash sales and insider trading?
What is the main purpose of the Strategic Trade Management Act under RA 10697?
What is the main purpose of the Strategic Trade Management Act under RA 10697?
Which type of institution acts as an intermediary in a serial payment chain?
Which type of institution acts as an intermediary in a serial payment chain?
What aspect does RA 7610 address regarding children?
What aspect does RA 7610 address regarding children?
Which of the following is NOT a type of violation listed related to money laundering?
Which of the following is NOT a type of violation listed related to money laundering?
What guideline does AMLC aim to enforce within financial and business sectors?
What guideline does AMLC aim to enforce within financial and business sectors?
What is defined as a suspicious transaction in the Philippines?
What is defined as a suspicious transaction in the Philippines?
Which financial institutions are prohibited from entering agreements to defraud the Government?
Which financial institutions are prohibited from entering agreements to defraud the Government?
What is the threshold for transactions that must be reported to the AMLC?
What is the threshold for transactions that must be reported to the AMLC?
Which of the following is NOT a consequence of malversation of public funds?
Which of the following is NOT a consequence of malversation of public funds?
Under the Anti-Trafficking in Persons Act, which situation describes a violation?
Under the Anti-Trafficking in Persons Act, which situation describes a violation?
Which of the following actions would fall under the criminal classifications of RA 9160?
Which of the following actions would fall under the criminal classifications of RA 9160?
What power does the AMLC have concerning bank inquiries?
What power does the AMLC have concerning bank inquiries?
Which of the following actions constitutes a violation under the Revised Forestry Code?
Which of the following actions constitutes a violation under the Revised Forestry Code?
Flashcards
Illegal Fishing
Illegal Fishing
Violations of Sections 86-106 of Republic Act 8550 (Fisheries Code of 1998).
Illegal Mining
Illegal Mining
Violations of Republic Act 7942 (Philippine Mining Act of 1995).
Wildlife Protection Violation
Wildlife Protection Violation
Violations of Republic Act 9147 (Wildlife Resources Conservation and Protection Act).
Cave Resources Violation
Cave Resources Violation
Violation of Section 7(b) of Republic Act 9072 (National Caves and Cave Resources Management Protection Act).
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Anti-Carnapping Violation
Anti-Carnapping Violation
Violation of Republic Act 6539 (Anti-Carnapping Act of 2002).
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Illegal Firearm Violation
Illegal Firearm Violation
Violations of Presidential Decree 1866 (Laws on Illegal Possession, Manufacture, Dealing in, Acquisition of Firearms).
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Anti-Fencing Violation
Anti-Fencing Violation
Violations of Presidential Decree 1612 (Anti-Fencing Law).
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Illegal Recruitment Violation
Illegal Recruitment Violation
Violation of Section 6 of Republic Act 8042 (Migrant Workers and Overseas Filipino Act of 1995), as amended by Republic Act 10022.
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Intellectual Property Violation
Intellectual Property Violation
Violation of Republic Act 8293 (Intellectual Property Code).
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Unlawful Activities
Unlawful Activities
Any act or omission relating to kidnapping, drug offenses, corruption, plunder, robbery, illegal gambling, piracy, or qualified theft.
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Suspicious Transaction
Suspicious Transaction
A transaction that lacks a legitimate economic purpose, regardless of amount.
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Covered Transaction (Philippines)
Covered Transaction (Philippines)
Any bank transaction exceeding ₱500,000, automatically reported to AMLC, per AMLA.
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AMLC
AMLC
Anti-Money Laundering Council in the Philippines.
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AMLA
AMLA
Anti-Money Laundering Act (Philippines)
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Malversation of Public Funds
Malversation of Public Funds
Misappropriation or misuse of public funds.
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Forgeries and Counterfeiting
Forgeries and Counterfeiting
Creating fake documents, money, or identities.
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Anti-Trafficking in Persons Act
Anti-Trafficking in Persons Act
RA 9208 concerning the illegal transport of people across borders.
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Revised Forestry Code (violation)
Revised Forestry Code (violation)
Illegal logging (violation of PD 705).
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Violation of Section 4, RA 9995
Violation of Section 4, RA 9995
Violation of the Anti-Photo and Video Voyeurism Act of 2009, Section 4.
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Violation of Section 4, RA 9775
Violation of Section 4, RA 9775
Violation of the Anti-Child Pornography Act of 2009, Section 4.
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Violations of RA 7610
Violations of RA 7610
Violations of the Special Protection of Children Against Abuse, Exploitation and Discrimination.
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Violations of RA 8799
Violations of RA 8799
Fraudulent practices or violations of the Securities Regulation Code of 2000 (e.g., wash sales, insider trading, short swing transactions).
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Asset Preservation Order (APO)
Asset Preservation Order (APO)
A provisional remedy to preserve assets in money laundering cases.
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Intermediary Financial Institution
Intermediary Financial Institution
A financial institution that transmits wire transfers in serial payment chains.
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Violation of RA 11521, Section 19(A)(3)
Violation of RA 11521, Section 19(A)(3)
Violating the Strategic Trade Management Act in relation to weapons of mass destruction.
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Anti-Money Laundering Act (AMLA)
- A crime where the proceeds of illegal activity are made to appear legitimate
- Aims to protect the integrity of bank accounts and prevent the Philippines from being a money laundering hub
- Amended multiple times, most recently by RA 11521
- Covers various transactions, including cash transactions over PHP 7.5 million with real estate developers/brokers
- Includes offshore gaming operators, service providers, and real estate brokers and developers as covered persons
- Includes updated definitions of terms, targeted financial sanctions, and indicators for suspicious activity
- Newly covered persons and unregistered DNFBPs must register with the AMLC within six months
Money Laundering Offenses
- Illegal acts where someone knows an instrument or property is linked to illegal activity:
- Handling the item
- Converting, transferring, or disposing of it
- Concealing or disguising its true nature, source, or ownership
- Attempting or helping commit these acts
- Failing to report to the AMLC about suspicious transactions
- These crimes are committed under RA 10365, approved February 15th, 2013
Monetary Instruments
- Defined in IRR 2018
- Includes: coins, currency, credit instruments, checks, stocks, securities, insurance policies, and others
Monetary Instrument or Property Related to Unlawful Activity
- Includes proceeds and components of illegal activity
Covered Transactions
- Transactions exceeding certain thresholds:
- PHP 4 million (RA 9160 amended)
- PHP 500,000 (real estate transactions)
- PHP 7.5 million (real estate developers/brokers)
- Specific timeframes in certain transactions
- Transactions with jewelry dealers or casinos also covered
Covered Institutions / Persons
- Banks, quasi-banks, trust entities, pawnshops.
- Non-bank financial institutions regulated by the BSP.
- Insurance companies, pre-need companies, and their agents
- Securities dealers, brokers, investment houses, and managing securities.
Suspicious Transactions (PCA-SDUS)
- Transactions with lack of trade obligation, unidentifiable client, or unusual amounts
- Actions that seem unusual or unrelated to the customer's normal transactions
- Transactions related to illegal activity that has been, is being, or is planned
Duty of Covered Persons
- Report covered transactions and suspicious transactions within five (5) working days, unless the AMLC mandates a different timeframe (not exceeding 15 days)
- Report these transactions without disclosing confidential details about the suspect
Obligations of Covered Persons
- Identify customers, their true identities, and organizational structures
- Maintain records of transactions for five years (for closed accounts, for at least 5 years from when they were closed)
Suspicious Activity Indicators (SAIs)
- Indicators used to identify potential money laundering or terrorist financing transactions
- Listed in the guidelines including types of accounts, amount, frequency, complexity of transactions
Unlawful Activities
- Includes many types of crimes, outlined in the document, such as kidnapping, drug offences, various types of theft and fraud, and others
Freeze Order
- Temporary order to prevent assets from being transferred
- Issued by the Court of Appeals (or Supreme Court in special circumstances)
- Usually for up to six months
- Allows the government to investigate potential illegal activity or money laundering
Bank Inquiry
- AMLC can investigate bank deposits if ordered by a court with probable cause of a money laundering offense
Penalties
- Imprisonment and fines for money laundering offences; administrative sanctions also possible.
- Penalty amounts vary depending on the specific violation
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