Anti-Money Laundering Act

• The Chairman of the Anti-Money Laundering Council is the BSP Governor
• As a general rule, the threshold for covered transactions is in excess of P500,000.00.
• . In case of casinos, the threshold for covered transactions is in excess of P5,000,000.00.
• In case of jewelry dealers, the threshold for covered transactions is in excess of P1,000,000.00
• In case of real estate developers or brokers, the threshold for covered transactions is in excess of P7,500,000.00
• Only the Court of Appeals can issue a freeze order
• Under the Safe Harbor Rule, no administrative, criminal, or civil proceedings, shall lie against any person for having made a transaction report in the regular performance of his duties and in good faith, whether or not such results in any criminal prosecution under Philippine laws
• Should a transaction be determined to be both a covered and a suspicious transaction, it shall be reported as a suspicious transaction.
• If there is money laundering connected to a commission of a crime, the offender may be prosecuted for both crimes.
• The Regional Trial Court (RTC) has jurisdiction over all cases of money laundering, but if the crime of money laundering is committed by public officers and private person who are in conspiracy with such public officers, the Sandiganbayan shall have jurisdiction.
• All records of all transactions of covered institutions shall be maintained and safely stored for 5 years from the date of transactions.
• No prior criminal charge, pendency of a case, or conviction for an unlawful activity or ML offense is necessary for the commencement or the resolution of a petition for civil forfeiture.
• No asset shall be attached or forfeited to the prejudice of a candidate for an electoral office during an election period.
• Lawyers and accountants who are: (a) authorized to practice their profession in the Philippines; and (b) engaged as independent legal or accounting professionals, in relation to information concerning their clients, or where disclosure of information would compromise client confidences or the attorney-client relationship are not required to file CTRs.
• Lawyers and accountants, however, are not precluded from submitting STRs to the AMLC with regard to any transaction of their clients that is in any way related to ML/TF or related unlawful activity that is about to be committed, is being or has been committed.