Podcast
Questions and Answers
What is the primary rationale for enacting the Anti-Money Laundering Act (AMLA) in the Philippines?
What is the primary rationale for enacting the Anti-Money Laundering Act (AMLA) in the Philippines?
Which of the following is NOT stated as a key state policy in the Anti-Money Laundering Act (AMLA)?
Which of the following is NOT stated as a key state policy in the Anti-Money Laundering Act (AMLA)?
Which of the following is not mentioned as a salient feature of the Anti-Money Laundering Act (AMLA) in the Philippines?
Which of the following is not mentioned as a salient feature of the Anti-Money Laundering Act (AMLA) in the Philippines?
What is the year that the Anti-Money Laundering Act (AMLA) was enacted in the Philippines?
What is the year that the Anti-Money Laundering Act (AMLA) was enacted in the Philippines?
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Which of the following is NOT mentioned as a reason for the enactment of the Anti-Money Laundering Act (AMLA) in the Philippines?
Which of the following is NOT mentioned as a reason for the enactment of the Anti-Money Laundering Act (AMLA) in the Philippines?
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What are the 3 main steps involved in money laundering?
What are the 3 main steps involved in money laundering?
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Which of the following is NOT considered an Unlawful Activity (Predicate Crime) related to money laundering?
Which of the following is NOT considered an Unlawful Activity (Predicate Crime) related to money laundering?
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What is the purpose of a financial intelligence unit in the context of anti-money laundering?
What is the purpose of a financial intelligence unit in the context of anti-money laundering?
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Which of the following is NOT a form of money laundering as described in the text?
Which of the following is NOT a form of money laundering as described in the text?
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What action constitutes a failure to report a covered or suspicious transaction to the AMLC by a covered person?
What action constitutes a failure to report a covered or suspicious transaction to the AMLC by a covered person?
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Study Notes
Anti-Money Laundering Law (AMLA)
- Enacted in 2001 as R.A. 9160
- Aims to contribute to the global fight against money laundering and transnational crimes
Rationale for Enacting AMLA
- To sustain economic development and poverty alleviation through corporate governance and public office transparency
- To prevent the Philippines from being used as a site to launder proceeds of unlawful activities
State Policies
- Protect and preserve the integrity of the Philippine financial system
- Prevent the Philippines from being used as a money laundering site
- Extend cooperation in transnational investigations and prosecution of money laundering activities
- Protect life, liberty, and property from acts of terrorism
- Recognize and adhere to international commitments to combat the financing of terrorism
Salient Features of AMLA
- Retains confidentiality and integrity of legitimate bank accounts
- Prevents the Philippines from being a money laundering site
- Criminalizes money laundering
- Creates a financial intelligence unit
- Imposes requirements on customer due diligence (Know Your Customer - KYC)
- Relaxes strict bank deposits secrecy laws
- Provides for bank inquiry and freeze ex parte petition/seizure/forfeiture/recovery of dirty money/property
- Provides for international cooperation
Money Laundering Definition
- Committed by any person knowing that any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity
- Includes transactions, conversions, transfers, disposal, movement, acquisition, possession, or use of dirty money
- Conceals or disguises the true nature, source, location, disposition, involvement, or ownership of or rights
Money Laundering Process
- Placement: introduce dirty money into the financial system
- Layering: a series of transactions to erase signs of illegal activity
- Integration: use the money as legitimate funds
Unlawful Activity (Predicate Crime)
- Refers to any act or omission involving or having direct relation to various crimes, including:
- Drug trafficking and related offenses
- Child Pornography
- Jueteng and Masiao
- Piracy
- Forgery and counterfeiting
- Kidnapping for ransom
- Carnapping
- Graft and plunder
- Bribery and malversation
- Qualified theft and robbery
- Extortion and swindling
- Smuggling and violations of intellectual property code
- Fraudulent practices and other crimes
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Description
Explore the key aspects of the Anti-Money Laundering Law (AMLA) in the Philippines, including the law itself (R.A. 9160), the year it was enacted, the money laundering scheme, and the rationale behind enacting AMLA. Understand the importance of combating money laundering on a global scale.
