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    M4 Powers and Functions of The AMLC

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    julia4razo
    The document outlines the powers and functions of the AMLC, which include requiring covered transaction reports, investigating suspicious transactions, applying for freezing of monetary assets believed to be proceeds of unlawful activity, and imposing administrative sanctions for violations of anti-money laundering laws. It also provides examples of suspicious transactions that could indicate money laundering such as transactions without valid purpose or commensurate with the client's means.

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    M4 Powers and Functions of The AMLC

    Uploaded by

    julia4razo
    294 views9 pages
    The document outlines the powers and functions of the AMLC, which include requiring covered transaction reports, investigating suspicious transactions, applying for freezing of monetary assets believed to be proceeds of unlawful activity, and imposing administrative sanctions for violations of anti-money laundering laws. It also provides examples of suspicious transactions that could indicate money laundering such as transactions without valid purpose or commensurate with the client's means.

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    M4 Powers and Functions of the AMLC

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    The document outlines the powers and functions of the AMLC, which include requiring covered transaction reports, investigating suspicious transactions, applying for freezing of monetary assets believed to be proceeds of unlawful activity, and imposing administrative sanctions for violations of anti-money laundering laws. It also provides examples of suspicious transactions that could indicate money laundering such as transactions without valid purpose or commensurate with the client's means.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    294 views9 pages

    M4 Powers and Functions of The AMLC

    Uploaded by

    julia4razo
    The document outlines the powers and functions of the AMLC, which include requiring covered transaction reports, investigating suspicious transactions, applying for freezing of monetary assets believed to be proceeds of unlawful activity, and imposing administrative sanctions for violations of anti-money laundering laws. It also provides examples of suspicious transactions that could indicate money laundering such as transactions without valid purpose or commensurate with the client's means.

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    © All Rights Reserved
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    Powers and

    Functions of the
    AMLC
    1. to require and receive covered transaction reports
    from covered institutions;

    2. to issue orders addressed to the appropriate


    Supervising Authority or the covered institution to
    determine the true identity of the owner of any
    monetary instrument or property subject of a covered
    transaction report or request for assistance from a
    foreign State, or believed by the Council, on the basis
    of substantial evidence, to be, in whole or in part,
    wherever located, representing, involving, or related
    to, directly or indirectly, in any manner or by any
    means, the proceeds of an unlawful activity;
    3. to institute civil forfeiture proceedings and all
    other remedial proceedings through the Office of
    the Solicitor General;

    4. to cause the filing of complaints with the


    Department of Justice or the Ombudsman for the
    prosecution of money laundering offenses;

    5. to investigate suspicious transactions and


    covered transactions deemed suspicious after an
    investigation by AMLC, money laundering
    activities and other violations of this Act;
    6. to apply before the Court of Appeals, ex parte,
    for the freezing of any monetary instrument or
    property alleged to be the proceeds of any
    unlawful activity;

    7. to implement such measures as may be


    necessary and justified to counteract money
    laundering;

    8. to receive and take action in respect of, any


    request from foreign states for assistance in their
    own anti-money laundering operations provided in
    this Act;
    9. to develop educational programs on the pernicious
    effects of money laundering, the methods and techniques
    used in the money laundering, the viable means of
    preventing money laundering and the effective ways of
    prosecuting and punishing offenders;cralaw

    10. to enlist the assistance of any branch, department,


    bureau, office, agency, or instrumentality of the
    government, including government-owned and -controlled
    corporations, in undertaking any and all anti-money
    laundering operations, which may include the use of its
    personnel, facilities and resources for the more resolute
    prevention, detection, and investigation of money
    laundering offenses and prosecution of offenders; and
    11. to impose administrative sanctions for the
    violation of laws, rules, regulations, and orders and
    resolutions issued pursuant thereto.
    Suspicious Transactions
    there is no underlying legal or trade
    obligation, purpose or economic
    justification;

     the client is not properly identified;


    the amount involved is not commensurate
    with the business or financial capacity of
    the client;
    taking into account all known
    circumstances, it may be perceived that the
    client's transaction is structured in order to
    avoid being the subject of reporting
    requirements under the Act;
     any circumstances relating to the
    transaction which is observed to deviate
    from the profile of the client and/or the
    client's past transactions with the covered
    institution;
    the transactions is in a way related to an
    unlawful activity or offense under this Act
    that is about to be, is being or has been
    committed; or

    any transactions similar or analogous to


    any of the foregoing.

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