Anti Money Laundering Act Philippines Summary

An act defining the crime of money laundering providing penalties therefor and for other purposes be it enacted by the senate and house of representatives of the philippines in congress assembled.

Anti money laundering act philippines summary. 9160 march 8 2002 anti money laundering act of 2001. Anti money laundering act philippines 1. Be it enacted by the senate and house of representatives of the philippines in congress assembled. Money laundering is a crime whereby the proceeds of an unlawful activity as herein defined are transacted thereby making them appear to have originated from legitimate sources.

An act amending republic act no. 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. An act defining the crime of money laundering providing penalties therefor and for other purposes.

10168 also known as the terrorism financing prevention and suppression act of 2012 tfpsa. This act shall be known as the anti money laundering act of 2001 sec. Be it enacted by the senate and the house of representatives of the philippines in congress assembled. The amla investigates money laundering and other financial crimes to protect financial institutions and deter criminals from making the philippines a money laundering site for criminal proceeds.

Amlc secretariat executive director mel georgie racela said the philippines needs to pass and implement further amendments to the anti money laundering act amla to avoid inclusion in the gray. 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 law 2. 9160 also known as the anti money laundering act of 2001 amla as amended and republic act no.

Money laundering ra 9160 anti money laundering act of 2001 amla sec. The anti money laundering council amlc is the agency of the government of the philippines that is tasked to implement the provisions of republic act no. These rules shall be known and cited as the rules and regulations implementing republic act no. The anti money laundering act of 2001 amla is the primary aml cft law in the philippines.

9160 the anti money laundering act of 2001 amla.