AMLA

• Covered institutions:

  1. Banks and other institutions regulated by BSP
  2. Insurance companies
  3. Securities dealers and other similar monetary instruments supervised by SEC
• G.R. Covered transaction” is a single, series, or combination of transactions involving a total amount in excess of Four million Philippine pesos or an equivalent amount in foreign currency based on the prevailing exchange rate within five consecutive banking days
• XPN. those between a covered institution and a person who, at the time of the transaction was a properly identified client and the amount is commensurate with the business or financial capacity of the client; or those with an underlying legal or trade obligation, purpose, origin or economic justification.
• Covered transaction is a single, series or combination or pattern of unusually large and complex transactions in excess of Four million Philippine pesos especially cash deposits and investments having no credible purpose or origin, underlying trade obligation or contract.
• Unlawful activity:

  1. Kidnapping for ransom
  2. Drugs
  3. Graft and Corruption
  4. Plunder
  5. Robbery and extortion
  6. Jueteng & Masiao
  7. Qualified theft
  8. Piracy
  9. Swindling
  10. Smuggling
  11. Violation of Electronic Commerce Act
  12. Hijacking, destructive arson, and murder
  13. Fraudulent practices
  14. Felony
• Money laundering is a crime whereby the proceeds of an unlawful activity are transacted, thereby making them appear to have originated from legitimate sources.
• Money laundering is committed by:

  1. Person who transact
  2. Performs any act relating to the monetary inst
  3. Person who knows of the act, and fails to disclose such
• S1: The regional trial courts shall have jurisdiction to try all cases on money laundering.

  S2: Those committed by public officers and private persons who are in conspiracy with such public officers shall be under the jurisdiction of the Sandiganbayan.

  Both statements are correct.
• Anti-Money Laundering Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng Pilipinas as chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members.
• Functions of AMLC:

  1. Receive covered transaction reports
  2. Issue orders addressed to the appropriate Supervising Authority
  3. Institute civil forfeiture proceedings
  4. Cause the filing of complaints with the Department of Justice or the Ombudsman
  5. Initiate investigations
  6. Freeze any monetary inst alleged to be proceeds of any unlawful activity
  7. Implement measures
  8. To receive and take action
  9. Develop educational programs
  10. Enlist assistance
• The AMLC is hereby authorized to establish a secretariat to be headed by an Executive Director who shall be appointed by the Council for a term of five (5) years. He must be a member of the Philippine Bar, at least thirty-five (35) years of age and of good moral character, unquestionable integrity and known probity. All members of the Secretariat must have served for at least five (5) years either in the Insurance Commission, the Securities and Exchange Commission or the Bangko Sentral ng Pilipinas (BSP) and shall hold full-time permanent positions within the BSP.
•  Prevention of Money Laundering; Customer Identification Requirements and Record Keeping.
• Record Keeping. — All records of all transactions of covered institutions shall be maintained and safely stored for five (5) years from the dates of transactions. With respect to closed accounts, the records on customer identification, account files and business correspondence, shall be preserved and safely stored for at least five (5) years from the dates when they were closed.
• Reporting of Covered Transactions. — Covered institutions shall report to the AMLC all covered transactions within five (5) working days from occurrence thereof, unless the Supervising Authority concerned prescribes a longer period not exceeding ten (10) working days.