Anti Money Laundering Act 2001

REPUBLIC ACT NO. 9160

AN ACT DEFINING THE disgust OF MONEY LAUNDERING, PROVIDING PENALTIES THEREFOR AND FOR OTHER PURPOSES.
    

Section 1. Short Title. This work out shall be known as the Anti-Money Laundering Act of 2001.

Sec. 2.  solvent of Policy. It is hereby declared the policy of the State to protect and detain the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be utilise as a money launder site for the retort of any unlawful activity.  Consistent with its foreign policy, the State shall feed cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committed.

Sec. 3. Definitions.  For purposes of this Act, the following terms are hereby delimitate as follows:

(a) Covered institution refers to:

(1) banks, non-banks, quasi-banks, trust entities, and all different institutions and their subsidiaries and affiliates supervised or regulated by the Bangko Sentral ng Pilipinas (BSP);

(2) damages companies and all separate institutions supervised or regulated by the Insurance Commission; and 
  
(3)

a.



  securities dealers, brokers, salesmen, investment houses and new(prenominal) akin(predicate) entities managing securities or rendering services as investment agent, advisor, or adviser;

b.  mutual funds, close-end investment companies, common trust funds, pre-need companies and other similar entities;

c.  foreign exchange corporations, money changers, money payment, remittance, and transfer companies and other similar entities; and

d.  other entities administering or otherwise dealing in currency, commodities or financial derivatives based thereon, valuable objects, cash substitutes and other similar monetary instruments or property supervised or regulated by the Securities and Exchange Commission.

(b) Covered transaction is a single, series, or combination of transactions involving a total nub in excess of Four Million...If you want to get a full essay, order it on our website: Orderessay



If you want to get a full essay, wisit our page: write my essay .