10 Questions
What is the main purpose of the Anti-Money Laundering Act (AMLA) in the Philippines?
To protect and preserve the integrity and confidentiality of bank accounts.
What does Money Laundering involve?
Attempting to make illegal proceeds appear legal.
What does the Anti-Money Laundering Act seek to prevent through increased transparency?
Money laundering activities.
Who may commit Money Laundering according to the text?
Any person who knowingly deals with proceeds of unlawful activity.
One way Money Laundering is committed is by ____________ monetary instruments or property.
Transacting
What does the Anti-Money Laundering Act aim to protect and preserve?
The transparency of bank accounts.
Which of the following is NOT a declared policy under the Anti-Money Laundering Act?
Ensuring the Philippines is used as a money laundering site.
What is the main objective underlying the pursuit of transnational investigations and prosecutions according to the text?
To tackle money laundering activities wherever committed.
What must a person do with monetary instruments or property to commit Money Laundering?
Convert, transfer, dispose of, move, acquire, possess, or use them.
Which international body's resolutions guide the implementation of targeted financial sanctions related to terrorism financing according to the text?
United Nations Security Council
Study Notes
Anti-Money Laundering Act (AMLA) in the Philippines
- The main purpose of the AMLA is to prevent money laundering and terrorist financing.
- Money laundering involves the concealment of illegally obtained funds to make them appear legitimate.
What is Money Laundering?
- Money laundering involves the act of making illegally obtained funds appear legitimate.
AMLA Objectives
- The AMLA seeks to prevent money laundering and terrorist financing through increased transparency.
- The AMLA aims to protect and preserve the integrity of the financial system.
Who may commit Money Laundering?
- Any person can commit money laundering.
How is Money Laundering committed?
- One way money laundering is committed is by transporting, transferring, or dealing with monetary instruments or property with the intention of concealing their source.
AMLA Goals
- AMLA aims to prevent the use of the financial system for illegal activities.
- AMLA aims to protect the integrity of the financial system.
International Cooperation
- The main objective underlying the pursuit of transnational investigations and prosecutions is to combat money laundering and terrorist financing.
- The Financial Action Task Force (FATF) resolutions guide the implementation of targeted financial sanctions related to terrorism financing.
Test your knowledge on the Anti-Money Laundering Act (RA 9160) and its amendments by RA 9194, 10167, 10927, and 11521. Explore the declared policies aimed at protecting bank account integrity, preventing money laundering activities, and promoting cooperation in transnational investigations.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
