inquiry into deposits or investments can be made by AMLC upon order of the Court in money-laundering cases?
on Saturday, February 11, 2012
Section 11. Authority to inquire into Bank Deposits. – Notwithstanding the provisions of Republic Act No. 1405, as amended; Republic Act No. 6426, as amended; Republic Act No. 8791, and other laws,
the AMLC may inquire into or examine any particular deposit or investment with any banking institution or non-bank financial institution
upon order of any competent court in cases of violation of this Act
when it has been established that there is probable cause that the deposits or investments involved are in any way related to a money laundering offense: Provided, That this provision shall not apply to deposits and investments made prior to the effectivity of this Act.
if one just reads the opening sentence of this Section he might think that AMLC can moto proprio inquire into or examine any particular deposit or investment with any banking institution or non-bank financial institution, nothwithstanding the provisions of the laws on the secrecy of bank deposits like RA 1405 as amended by RA 6426 or RA 8791 and other laws...
until he finds out that the AMLC can do that only upon order of any competent court in cases of violation of the ACT... which order can be issued only
when it has been established that there is probable cause that the deposits or investments involved are in any wya related to a money laundering offense....
but the above provision of law cannot even apply to deposits and investments made prior to the effectivity of the Anti-money laundering law....
what kind of law is this...? you have an AMLC that is without power on its own to inquire into or investigate deposits....? what is the use of all the provisions creating this council?
how can it initiate money-laundering charges without first inquiring into or investigating deposits...how would the council know if a violation of the Act has taken place without such an inquiry or investigation?
the AMLC may inquire into or examine any particular deposit or investment with any banking institution or non-bank financial institution
upon order of any competent court in cases of violation of this Act
when it has been established that there is probable cause that the deposits or investments involved are in any way related to a money laundering offense: Provided, That this provision shall not apply to deposits and investments made prior to the effectivity of this Act.
if one just reads the opening sentence of this Section he might think that AMLC can moto proprio inquire into or examine any particular deposit or investment with any banking institution or non-bank financial institution, nothwithstanding the provisions of the laws on the secrecy of bank deposits like RA 1405 as amended by RA 6426 or RA 8791 and other laws...
until he finds out that the AMLC can do that only upon order of any competent court in cases of violation of the ACT... which order can be issued only
when it has been established that there is probable cause that the deposits or investments involved are in any wya related to a money laundering offense....
but the above provision of law cannot even apply to deposits and investments made prior to the effectivity of the Anti-money laundering law....
what kind of law is this...? you have an AMLC that is without power on its own to inquire into or investigate deposits....? what is the use of all the provisions creating this council?
how can it initiate money-laundering charges without first inquiring into or investigating deposits...how would the council know if a violation of the Act has taken place without such an inquiry or investigation?
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