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    Commercial Law Review AMLA Notes

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    Andrea Ivy Dy
    1. The document summarizes key aspects of the Anti-Money Laundering Act (AMLA) of the Philippines, including defining money laundering and unlawful activities, outlining reporting requirements for covered institutions, and describing the powers of the Anti-Money Laundering Council (AMLC). 2. It notes that the AMLA requires certain professionals like lawyers and accountants to report suspicious transactions if employed by covered institutions, and provides a "safe harbor" provision protecting those who report in good faith. 3. The AMLC can freeze assets believed to be proceeds of unlawful activity and petition courts to maintain or lift the freeze order, inquire into bank deposits, and forfeit property through ex

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    Commercial Law Review AMLA Notes

    Uploaded by

    Andrea Ivy Dy
    103 views2 pages
    1. The document summarizes key aspects of the Anti-Money Laundering Act (AMLA) of the Philippines, including defining money laundering and unlawful activities, outlining reporting requirements for covered institutions, and describing the powers of the Anti-Money Laundering Council (AMLC). 2. It notes that the AMLA requires certain professionals like lawyers and accountants to report suspicious transactions if employed by covered institutions, and provides a "safe harbor" provision protecting those who report in good faith. 3. The AMLC can freeze assets believed to be proceeds of unlawful activity and petition courts to maintain or lift the freeze order, inquire into bank deposits, and forfeit property through ex

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    1. The document summarizes key aspects of the Anti-Money Laundering Act (AMLA) of the Philippines, including defining money laundering and unlawful activities, outlining reporting requirements for covered institutions, and describing the powers of the Anti-Money Laundering Council (AMLC). 2. It notes that the AMLA requires certain professionals like lawyers and accountants to report suspicious transactions if employed by covered institutions, and provides a "safe harbor" provision protecting those who report in good faith. 3. The AMLC can freeze assets believed to be proceeds of unlawful activity and petition courts to maintain or lift the freeze order, inquire into bank deposits, and forfeit property through ex

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    103 views2 pages

    Commercial Law Review AMLA Notes

    Uploaded by

    Andrea Ivy Dy
    1. The document summarizes key aspects of the Anti-Money Laundering Act (AMLA) of the Philippines, including defining money laundering and unlawful activities, outlining reporting requirements for covered institutions, and describing the powers of the Anti-Money Laundering Council (AMLC). 2. It notes that the AMLA requires certain professionals like lawyers and accountants to report suspicious transactions if employed by covered institutions, and provides a "safe harbor" provision protecting those who report in good faith. 3. The AMLC can freeze assets believed to be proceeds of unlawful activity and petition courts to maintain or lift the freeze order, inquire into bank deposits, and forfeit property through ex

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    COMMERCIAL LAW REVIEW | ANTI MONEY LAUNDERING ACT | RA 9160 | ATTY AMAGO

    ANTI MONEY LAUNDERING ACT Chairman – BPS governor


    Last amended sometime 2018 to include casinos as covered Members – IC Commission and SEC chairman
    entities.
    Action must be unanimous and they meet at least once a
    Covered transactions month.
    A transaction in cash or other equivalent monetary instrument
    involving a total amount in excess of five hundred thousand Reporting Requirements
    pesos (Php 500,000) within one banking day - Covered institutions shall report to the AMLC all covered
    transactions and suspicious transaction within 5 working
    Lawyers and accountants are excluded from covered persons. days from occurrence thereof, unless the supervising
    However, if they are employed then they are required to report authority concerned prescribes a longer period not
    under AMLA’s reportorial requirements. exceeding fifteen (15) working days
    - Lawyers and accountants acting as independent legal
    Suspicious Transactions professionals are not required to report covered and
    1. There is no underlying legal or trade obligation, purpose suspicious transactions if the relevant information was
    or economic justification obtained in circumstances where they are subject to
    2. The client is not properly identified professional secrecy or legal professional privilege
    3. The amount involved is not commensurate with business - Should a transaction be determined to be both a covered
    or financial capacity of the client and a suspicious transaction, the covered institution shall
    4. Taking into account all known circumstances, it may be report the same as a suspicious transaction
    perceived that the client’s transaction is structured in
    order to avoid being the subject of reporting requirements Safe Harbour Provision
    under the act No administrative, criminal or civil proceedings shall lie
    5. Any circumstance relating to the transaction which is against any person for having made a covered transaction
    observed to deviate from the profile of the client and/or report or a suspicious transaction report in the regular
    the client’s past transactions with the covered institution performance of his duties and in good faith, whiter or not such
    6. The transaction is in any way related to an unlawful reporting results in any criminal prosecution under this act or
    activity or offense under this Act that is about to be, is any other Philippine law.
    being or has been committed
    7. Any transaction that is similar or analogous to any of the Freezing Order
    foregoing AMLC, through a verified ex parte petition, can file before the
    Court of Appeals. The freezing order will be effective
    Unlawful Activities (predicate crimes) – more than 35 immediately and effective for 20 days not exceeding 6 months.
    crimes have been listed under the new amendment. The remedy is a motion to lift freeze order. The covered
    institution shall submit a return stating the fact of freezing and
    Money Laundering an explanation as to the grounds for the identification of
    A crime whereby the proceeds of an unlawful activity are related accounts.
    transacted, thereby making them appear to have originated
    from legitimate sources

    How Committed
    Committed by any person who, knowing that any monetary Deposit [Inquiry]
    instrument or property represents, involves, or relates to the General Rule: Ex parte application to examine deposit with
    proceeds of any unlawful activity: Court of Appeals for both princiapal and related accounts
    1. Transacts said monetary instrument or property
    2. Converts, transfers, disposes of, moves, acquires, Exceptions: Cases involving any of the following, this would
    possesses or uses said monetary instrument or property allow AMLC automatic inquiry without filing a petition before
    3. Conceals or disguises the true nature, source, location, the CA.
    disposition, movement or ownership of or rights with 1. Kidnapping for Ransom
    respect to said monetary instrument or property 2. Violations of Comprehensive Dangerous Drugs Act of
    4. Attempts or conspires to commit money laundering 2002
    offenses referred to in paragraphs a, b, and c 3. Hijacking, Destructive Arson and Murder
    5. Aids, abets, assists in or counsel the commission of the 4. Terrorism and conspiracy to commit terrorism
    money laundering offenses referred to in paragraphs a, b, 5. And similar felonies
    or c above
    6. Performs or fails to perform any act as a result of which Forfeiture
    he facilitates the offense of money laundering referred to AMLC will file a verified ex parte petition before the court of
    in paragraphs a, b, or c appeals. Remedy is to file a verified petition within 15 days
    from finality.
    Anti Money Laundering Council
    Composition Mutual Assistance Among States (AMLA ACTS)
    COMMERCIAL LAW REVIEW | ANTI MONEY LAUNDERING ACT | RA 9160 | ATTY AMAGO
    1. Tracking down, freezing, restraining and seizing assets
    alleged to be proceeds of any unlawful activity under the
    procedures laid down in the AMLA, as amended and in
    these Rules
    2. Giving information needed by the foreign state, within the
    procedures laid down in the AMLA, as amended, and in
    these rules
    3. Applying for an order of forfeiture of any monetary
    instrument or property with the court

    (AMLC requiring assistance)


    1. Tracking down, freezing, restraining and seizing assets
    alleged to be proceeds of any unlawful activity
    2. Obtaining pertinent information and documents that it
    needs relating to any money laundering offense or any
    other matter directly or indirectly related thereto
    3. To the extent allowed by the law of the foreign state,
    applying with the proper court therein for an order to
    enter any premises belonging to or in the possession or
    control of, any or all of the persons named in said request,
    and/or search any or all such persons named therein
    and/or remove any document, material or object named in
    said request
    4. Applying for an order of forfeiture of any monetary
    instrument or property in the proper court in the foreign
    state

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