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| House Version of Anti-Money Laundering Bill - Committee Report Stage. |
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page 1 Republic of the Philippines HOUSE OF REPRESENTATIVES Quezon City TWELFTH CONGRESS First Regular Session House Bill No. ____
AN ACT DEFINING AND PUNISHING MONEY LAUNDERING, PROVIDING FOR APPROPRIATE MECHANISMS FOR ITS DETECTION, PREVENTION AND PROSECUTION AND CREATING THE ANTI-MONEY LAUNDERING TASK, FORCE DEFINING ITS POWERS AND FUNCTIONS, AND FOR OTHER PURPOSES Be it enacted by the Senate and the House of Representatives of the Philippines in Congress assembled: SECTION 1. Short Title. This
Act shall be known as the "Anti-Money Laundering Act of 2001". |
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| SECTION 2. Declaration of Policy. It is the policy of the State of the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity. Consistent with its foreign policy, the State shall extend cooperation in transnational investigations, prosecutions and extradition of persons involved in money laundering activities wherever committed. | ||||||
| SECTION 3. Definitions. For purposes of this Act, the following terms are hereby defined as follows: (a) "Court" refers to the Regional Trial Courts of the Philippines. (b) "Covered Institution" refers to: (1) banks, non-banks, quasi-banks, trust entities, and all other institutions and their subsidiaries and affiliates supervised or regulated by the Bangko Sentral ng Pilipinas; (2) insurance companies and all other institutions supervised or regulated by the Insurance Commission; (3) (I) securities dealers, brokers, salesmen, investment houses and other similar entities managing securities or rendering services as investment agent, advisor, or consultant, (ii) mutual funds, close-end investment companies, common trust funds, pre-need companies and other similar entities, (iii) foreign exchange corporations, money-changers, money payment, remittance, and transfer companies and other similar entities, and (iv) 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 Securities and Exchange Commission; and (4) Casinos and other similar entities supervised or regulated by the Philippine Amusement and Gaming Corporation (PAGCOR) or the Games and Amusement Board, as the case may be. (c) "Covered Transaction" may be any single, series or combination of the following: (1) transactions involving an amount in excess of Five Hundred Thousand Pesos (P500,000.00) or an equivalent amount in foreign currency based on the prevailing exchange rate, unless the transaction is between a covered institution and a client who is, at the time of the transaction, a properly identified customer thereof and the transaction is in an amount reasonably commensurate with the lawful business activities or financial capacity of the client, or the transaction is made with the National Government, local government units, and other government offices, agencies or instrumentalities, including government-owned or controlled corporations; and (2) transactions involving an amount in excess of Five Hundred Thousand Pesos (P500,000.00) or its equivalent in foreign currency which have no credible underlying trade obligation, contract, purpose or origin or economic justification. (d) "Monetary Instrument refers to: (1) coins or currency of legal tender of the Philippines, or of any other country; (2) drafts, checks and notes; (3) securities or negotiable instruments, bonds, commercial papers, deposit certificates, trust certificates, custodial receipts or deposit substitute instruments, trading orders, transaction tickets and confirmations of sale or investments and money market instruments; and (4) other similar instruments where the title thereto passes to another by endorsement, assignment or delivery. (e) "Offender" refers to any person who commits a money laundering offense. (f) "Person" refers to any natural or juridical person, including covered institutions described in Paragraph (b) of this section. (g) "Proceeds" refers to all profits, results or monetary instruments or property derived from an unlawful activity as defined in Section 3 (k). (h) "Supervising Authority" refers to the appropriate supervisory or regulatory agency, department or office now or hereafter supervising or regulating the covered institutions enumerated in Section 3 (b). (i) "Task Force" refers to the Anti-Money Laundering Task Force constituted pursuant to Section 15. (j) "Transaction" refers to any establishing any right or obligation or giving rise to any contractual or legal relationship between persons, including but not limited to, deposits, investments, assignments, purchases, sales, auctions, loans, pledges, mortgages, gifts, deliveries, transfers, conveyances or other forms of disposition involving any monetary instrument or property. It may also refer to the movement of funds by any means, or dealing in any way with a covered institution. (k) "Unlawful Activity" refers to any act or series or combination thereof involving or having relation to the following: (1) Felonies under Act No. 3815, as amended, otherwise known as the Revised Penal Code: (i) Forgeries under Articles 166 to 173; (ii) Monopolies and combinations in restraint of trade under Article 186; (iii) Kidnapping under Article 267 and 270; (iv) Robbery under Articles 294 to 296 and 299 to 302; (v) Swindling and other deceits under Articles 315 and 316; (vi) Grave threats, grave coercion and other forms of extortion under Articles 282 and 286; (vii) Corruption and minors and white slavery under Articles 340 and 341 (2) Offenses under the following special laws: (i) Offenses and other violations under Republic Act (R.A.) No. 6425, as amended, otherwise known as the Dangerous Drugs Act of 1972, and Presidential Decree (P.D.) No. 1619, as amended, penalizing the sale to minors of volatile substances; (ii) Gambling, betting and other offenses or violation sunder P.D. Nos. 449, 483 and 1602, as amended, relating to illegal cockfighting, sports contests and other forms of illegal gambling, respectively; (iii) Violations of R.A. No. 3019, as amended, oherwise known as the Anti-Graft and Corrupt Practices Act and R.A. No. 6713, otherwise known as the Code of Conduct and Ethical Standards for Public Officials and Employees; (iv) Child prostitution, child trafficking, child abuse and other violations under R.A. No. 7610; (v) Plunder and other violations under R.A. No. 7080; (vi) Illegal recruitment and other violations under P.D. No. 2018; (vii) Gunrunning under P.D. No. 1866, as amended; (viii) Hijacking and other violations under R.A. No. 6235; (ix) Carnaping and other violations under R.A. No. 6539, as amended; (x) Access device fraud and other violations under R.A. No. 8484; (xi) Smuggling, illegal importation and other violations under R.A. Nos. 445 and 1937; (xii) Violations under R.A. No. 8792, otherwise known as the Electronic Commerce Act of 2000; (xiii) Fraudulent practices and other violations under R.A. No. 8799, otherwise known as the Securities Regulation Code of 2000; and (xiv) Tax fraud, evasion and other violations under R.A. No. 8284, P.D. 1464, as amended, and other tax laws; (3) Felonies or offenses of a similar nature that are punishable under the penal laws of the country where the felony or offense was committed.
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