Published — April 11, 2021
The following post does not create a lawyer-client relationship between Alburo Alburo and Associates Law Offices (or any of its lawyers) and the reader. It is still best for you to engage the services of your own lawyer to address your legal concerns, if any.
Also, the matters contained in the following were written in accordance with the law, rules, and jurisprudence prevailing at the time of writing and posting, and do not include any future developments on the subject matter under discussion.
Read also: WHAT ARE MONEY LAUNDERING OFFENSES?
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Anti-Money Laundering Council institutes civil forfeiture proceedings and all other remedial proceedings through the Office of the Solicitor General.
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Anti-Money Laundering Council requires and receives covered transaction reports from covered institutions.
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Anti-Money Laundering Council causes the filing of complaints with the Department of Justice or the Ombudsman for the prosecution of money laundering offenses.
Who files the complaints for money laundering offenses?
The Anti-Money Laundering Council (AMLC) files the complaints for money laundering offenses.
The Anti-Money Laundering Council (AMLC) is 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.
Republic Act No. 10365 or “Anti-Money Laundering Act Of 2001”, as amended provides that:
The AMLC shall act unanimously in the discharge of its functions as defined hereunder:
- to require and receive covered transaction reports from covered institutions;
- 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 subject of a covered transaction report or request for assistance from a foreign State, or believed by the Council, on the basis of substantial evidence, to be, in whole or in part, wherever located, representing, involving, or related to, directly or indirectly, in any manner or by any means, the proceeds of an unlawful activity;
- to institute civil forfeiture proceedings and all other remedial proceedings through the Office of the Solicitor General;
- to cause the filing of complaints with the Department of Justice or the Ombudsman for the prosecution of money laundering offenses;
- to initiate investigations of covered transactions, money laundering activities and other violations of this Act;
- to apply before the Court of Appeals, ex parte, for the freezing of any monetary instrument or property alleged to be laundered, proceeds from, or instrumentalities used in or intended for use in any unlawful activity as defined under the law;
- to implement such measures as may be necessary and justified under this Act to counteract money laundering;
- 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;
- 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;
- 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; and
- to require the Land Registration Authority and all its Registries of Deeds to submit to the AMLC, reports on all real estate transactions involving an amount in excess of Five hundred thousand pesos (P500,000.00) within fifteen (15) days from the date of registration of the transaction, in a form to be prescribed by the AMLC. The AMLC may also require the Land Registration Authority and all its Registries of Deeds to submit copies of relevant documents of all real estate transactions.
Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/0917-5772207.
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