Anti Money Laundering Act Philippines

The country created an anti money laundering council amlc to ensure that the anti money laundering act amla is being observed by those within the financial industry.

Anti money laundering act philippines. 9160 otherwise known as the anti money laundering act amla of 2001. An act further strengthening the anti money laundering law amending for the purpose republic act no. Manila philippines the philippines is in danger of being included anew in the gray list of paris based dirty money watchdog financial action task force fatf if the country fails to pass the. The anti money laundering act the anti money laundering act of 2001 amla is the primary aml cft law in the philippines.

This act shall be known as the anti money laundering act of 2001 sec. It serves as the philippines central anti money laundering counter terrorism financing authority. The amlc is authorized under sections 7 8 and 13 b and d of the amla to receive and take action in respect of any request of foreign states for assistance in their own anti money laundering operations in respect of conventions resolutions and other directives of the united nations un the un security council and other international organizations of which the philippines is a member. Be it enacted by the senate and the house of representatives of the philippines in congress assembled.

Aml in the philippines was established to prevent money laundering. An act defining the crime of money laundering providing penalties therefor and for other purposes. The anti money laundering council is the agency of the government of the philippines that is tasked to implement the provisions of republic act no. 9160 otherwise known as the anti money laundering act of 2001 as amended be it enacted by the senate and house of representatives of the philippines in congress assembled.

What is anti money laundering act. 10168 also known as the terrorism financing prevention and suppression act of 2012. Money laundering was made a criminal offense in the philippines when the philippine congress approved republic act no. Any person who with malice or in bad faith reports or files a completely unwarranted or false information relative to any money laundering transaction against any person shall be subject to a penalty of imprisonment from six 6 months to four 4 years and a fine of not less than one hundred thousand philippine pesos php100 000 00 but not more than five hundred thousand philippine pesos php500 000 00 at the discretion of the court.

As such it functions as the aml ctf regulator. 9160 also known as the anti money laundering act of 2001 as amended and republic act no. Provided that the offender is not entitled to.