FUNCTIONS OF ANTI-MONEY LAUNDERING COUNCIL (AMLC)
on Saturday, February 11, 2012 at 3:27pm · Section 7. Creation of Anti-Money Laundering Council (AMLC). – The Anti-Money Laundering Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng Pilipinas as chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members. The AMLC shall act unanimously in the discharge of its functions as defined hereunder:
(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
a.subject of a covered transaction report
b.or request for assistance from a foreign State,
c.or believed by the Council,
on the basis of substantial evidence to be in whole or in part, whenever 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 initiate investigations of covered transactions, money laundering activities and other violations of this Act;
(6) to freeze any monetary instrument or property alleged to be proceed of any unlawful activity;
(7) to implement such measures as may be necessary and justified under this Act 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 money laundering, the viable means of preventing money laundering and the effective ways of prosecuting and punishing offenders; and
(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.
what does the law mean when it says the council "shall act unanimously in the discharge of its functions" as enumerated in the law... does it can act only if the vote of the Council is without any dissent? just to establish the "true identity of the owner" of any "monetary instrument or property? the council must have a 100% vote of approval?
is there no conflict between the above functions of the AMLC and the provision of Section 11 of the Act which limits the authority of the AMLC to inquire into bank deposits?:
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.
without first an conducting an inquiry into or investigating bank deposits....it must first seek an order from a competent court for authority to do that, but it can only seek such authority in a case involving violations of the money laundering Act... but again, how can the AMLC bring such a case for a violation of the Act without first determining that the deposit involves proceeds from an unlawful activity...which it can do only by inquiring into and investigating the bank deposit involved...
ANSWER:
this only means that the AMLC will have to establish the identity of the owner first, and find out if he has a business or the financial capacity to own a monetary instrument or property such as a bank deposit...through appropriate investigation...maybe it can require the owner to submit evidence on such business or financial capacity or to provide information on his legitimate sources of income...
it can do this through the exercise of its funtion under the following provision of the Anti Money laundering Act:
(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.
in that manner, the AMLC can exercise its authority
on the basis of substantial evidence to be in whole or in part, whenever located, representing, involving, or related to, directly or indirectly, in any manner or by any means, the proceeds of an unlawful activity;
the AMLC can do that by:
(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.
(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
a.subject of a covered transaction report
b.or request for assistance from a foreign State,
c.or believed by the Council,
on the basis of substantial evidence to be in whole or in part, whenever located, representing, involving, or related to, directly or indirectly, in any manner or by any means, the proceeds of an unlawful activity;
without first going to court to seek authority to inquire into or investigate a bank deposit, which it can only do if there is already a case in court for a violation of the Act...
how can the AMLC come to the belief that a monetary instrument or property represents, involves, or is related to the proceeds of an unlawful activity:
how can the AMLC do the following:
(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 initiate investigations of covered transactions, money laundering activities and other violations of this Act;
Section 7. Creation of Anti-Money Laundering Council (AMLC). – The Anti-Money Laundering Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng Pilipinas as chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members. The AMLC shall act unanimously in the discharge of its functions as defined hereunder:
(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
a.subject of a covered transaction report
b.or request for assistance from a foreign State,
c.or believed by the Council,
on the basis of substantial evidence to be in whole or in part, whenever 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 initiate investigations of covered transactions, money laundering activities and other violations of this Act;
(6) to freeze any monetary instrument or property alleged to be proceed of any unlawful activity;
(7) to implement such measures as may be necessary and justified under this Act 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 money laundering, the viable means of preventing money laundering and the effective ways of prosecuting and punishing offenders; and
(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.
what does the law mean when it says the council "shall act unanimously in the discharge of its functions" as enumerated in the law... does it can act only if the vote of the Council is without any dissent? just to establish the "true identity of the owner" of any "monetary instrument or property? the council must have a 100% vote of approval?
is there no conflict between the above functions of the AMLC and the provision of Section 11 of the Act which limits the authority of the AMLC to inquire into bank deposits?:
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.
without first an conducting an inquiry into or investigating bank deposits....it must first seek an order from a competent court for authority to do that, but it can only seek such authority in a case involving violations of the money laundering Act... but again, how can the AMLC bring such a case for a violation of the Act without first determining that the deposit involves proceeds from an unlawful activity...which it can do only by inquiring into and investigating the bank deposit involved...
ANSWER:
this only means that the AMLC will have to establish the identity of the owner first, and find out if he has a business or the financial capacity to own a monetary instrument or property such as a bank deposit...through appropriate investigation...maybe it can require the owner to submit evidence on such business or financial capacity or to provide information on his legitimate sources of income...
it can do this through the exercise of its funtion under the following provision of the Anti Money laundering Act:
(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.
in that manner, the AMLC can exercise its authority
on the basis of substantial evidence to be in whole or in part, whenever located, representing, involving, or related to, directly or indirectly, in any manner or by any means, the proceeds of an unlawful activity;
the AMLC can do that by:
(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.
(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
a.subject of a covered transaction report
b.or request for assistance from a foreign State,
c.or believed by the Council,
on the basis of substantial evidence to be in whole or in part, whenever located, representing, involving, or related to, directly or indirectly, in any manner or by any means, the proceeds of an unlawful activity;
without first going to court to seek authority to inquire into or investigate a bank deposit, which it can only do if there is already a case in court for a violation of the Act...
how can the AMLC come to the belief that a monetary instrument or property represents, involves, or is related to the proceeds of an unlawful activity:
how can the AMLC do the following:
(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 initiate investigations of covered transactions, money laundering activities and other violations of this Act;
(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
a.subject of a covered transaction report
b.or request for assistance from a foreign State,
c.or believed by the Council,
on the basis of substantial evidence to be in whole or in part, whenever 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 initiate investigations of covered transactions, money laundering activities and other violations of this Act;
(6) to freeze any monetary instrument or property alleged to be proceed of any unlawful activity;
(7) to implement such measures as may be necessary and justified under this Act 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 money laundering, the viable means of preventing money laundering and the effective ways of prosecuting and punishing offenders; and
(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.
what does the law mean when it says the council "shall act unanimously in the discharge of its functions" as enumerated in the law... does it can act only if the vote of the Council is without any dissent? just to establish the "true identity of the owner" of any "monetary instrument or property? the council must have a 100% vote of approval?
is there no conflict between the above functions of the AMLC and the provision of Section 11 of the Act which limits the authority of the AMLC to inquire into bank deposits?:
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.
without first an conducting an inquiry into or investigating bank deposits....it must first seek an order from a competent court for authority to do that, but it can only seek such authority in a case involving violations of the money laundering Act... but again, how can the AMLC bring such a case for a violation of the Act without first determining that the deposit involves proceeds from an unlawful activity...which it can do only by inquiring into and investigating the bank deposit involved...
ANSWER:
this only means that the AMLC will have to establish the identity of the owner first, and find out if he has a business or the financial capacity to own a monetary instrument or property such as a bank deposit...through appropriate investigation...maybe it can require the owner to submit evidence on such business or financial capacity or to provide information on his legitimate sources of income...
it can do this through the exercise of its funtion under the following provision of the Anti Money laundering Act:
(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.
in that manner, the AMLC can exercise its authority
on the basis of substantial evidence to be in whole or in part, whenever located, representing, involving, or related to, directly or indirectly, in any manner or by any means, the proceeds of an unlawful activity;
the AMLC can do that by:
(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.
(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
a.subject of a covered transaction report
b.or request for assistance from a foreign State,
c.or believed by the Council,
on the basis of substantial evidence to be in whole or in part, whenever located, representing, involving, or related to, directly or indirectly, in any manner or by any means, the proceeds of an unlawful activity;
without first going to court to seek authority to inquire into or investigate a bank deposit, which it can only do if there is already a case in court for a violation of the Act...
how can the AMLC come to the belief that a monetary instrument or property represents, involves, or is related to the proceeds of an unlawful activity:
how can the AMLC do the following:
(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 initiate investigations of covered transactions, money laundering activities and other violations of this Act;
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