Presented by:
ATTY. RICHARD DAVID C. FUNK II
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Under the AMLA, money laundering is “ a
crime whereby the proceeds of an unlawful
activity are transacted, thereby making them
appear to have originated from legitimate
sources.”
Money Laundering as a crime is committed in
three (3) different ways under the AMLA
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“Any person knowing that any monetary
instrument or property represents, involves,
or relates to, the proceeds of any unlawful
activity, transacts or attempts to transact
said monetary instrument or property.”
Imprisonment of 7 to 14 years and a fine of
not less than P 3 Million but not more than
twice the value of the monetary instrument
or property involved in the transaction.
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“Any person knowing that any monetary
instrument or property involves the proceeds
of an unlawful activity, performs or fails to
perform any act as a result of which he
facilitates the offense of money laundering
referred to in paragraph (a) above.”
Imprisonment of 4 to 7 years and a fine of
not less than P 1 Million but not more than P
3 Million.
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Any person knowing that any monetary
instrument or property is required under this
Act to be disclosed and filed with the AntiMoney Laundering Council (AMLC), fails to do
so.”
Imprisonment of 6 months to 4 years or a
fine of not less than P100,000 or P 500, 000
or both.
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“Unlawful Activity” refers to any act or
omission or series or combination thereof
involving or having DIRECT relation to any of
the following:
Kidnapping for ransom
Drug related offenses, e.g., trafficking
Graft and corrupt practices/acts
Robbery and extortion
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Jueteng and Masiao
Piracy on the high seas
Qualified Theft
Swindling
Offenses punishable under the E-Commerce
Act
Hijacking, destructive arson, murder, even
when committed against non-combatant
persons
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Violation of the Securities Regulation Code
Felonies or offenses of a similar nature under
penal laws of other countries
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Electronic money (also known as ecurrency, e-money, electronic cash,
electronic currency, digital money, digital
cash or digital currency) refers to money or
scrip which is only exchanged
electronically.
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Typically, this involves the use of computer
networks, the internet and digital stored
value systems. Electronic Funds Transfer (EFT)
and direct deposit are all examples of
electronic money. Also, it is a collective term
for financial cryptography and technologies
enabling it
Ecash- when abused/misused for criminal
purposes
Suspicious transactions are transactions with
covered institutions, regardless of the
amounts involved, where any of the following
circumstances exist:
1. There is no underlying legal or trade
obligation, purpose
justification
or
economic
2. The client is not properly identified
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3. The amount involved is not commensurate
with the business or financial capacity of the
client
4. Taking into account all known
circumstances, it may be perceived that the
client’s transaction is structured in order to
avoid being the subject of reporting
requirements
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5. Any circumstance relating to the
transaction which is observed to deviate from
the profile of the client and/or the client’s
past transactions from the covered institution
6. The transaction is in any way related to an
unlawful activity or offense under this Act
that is about to be, is being or has been
committed
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7. Any transaction that is similar or
analogous to any of the foregoing
AMLC RESOLUTION NO.59 s. 2005
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Wire transfers between accounts,
without visible economic or business
purpose, especially if the wire transfers
are effected through countries which are
identified or connected with terrorist
activities.
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Sources and/or beneficiaries or wire transfers are citizens
of countries which are identified or connected with
terrorist activities.
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Repetitive deposits or withdrawals that cannot be
explained or do not make sense.
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Value of the transaction is over and above what the client
is capable of earning.
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Client is conducting a transaction that is out of the
ordinary for his known business interest.
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Deposits being made by individuals who have no known
connection or relation with the account holder.
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An individual receiving remittances, but has
no family members working in the country
from which the remittance is made.
Client was reported and/or mentioned in the
news to be involved in terrorist activities.
Client is under investigation by law
enforcement agencies for possible
involvement in terrorist activities.
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Transactions of individuals, companies, or
non-governmental organizations (NGOs) that
are affiliated or related to people suspected
of being connected to a terrorist group or a
group that advocates violent overthrow of a
government.
Transactions of individuals, companies, or
NGOs that are suspected as being used to
pay or receive funds from revolutionary
taxes.
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The NGO does not appear to have expenses
normally related to relief or humanitarian efforts.
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The absence of contributions from donors
located within the country of origin of the NGO.
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A mismatch between the pattern and size of
financial transactions on the one hand and the
stated purpose and activity of the NGO on the
other.
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Incongruities between apparent sources and
amount of funds raised or moved by the NGO
Any other transaction that is similar, identical
or analogous to any of the foregoing.
OPERATION
PEP AND
FAMILY
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BRIEF OVERVIEW
INTERNATIONAL
COOPERATION
REPORTS BY
FINANCIAL
INSTITUTIONS
(38STRs/169CTRs)
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ENFORCEMENT
ACTIONPROSECUTION FOR
PLUNDER
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FRAUD- dishonestly obtaining a benefit
usually by deception/use of insidious
words and machinations
Phishing- type of fraud to gain personal
information for the purpose of identity
theft using deceptive email messages
that appear to come from legitimate
businesses
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Smishing- rather than the victim being
contacted by email ( Phishing ) the victim is
contacted via SMS ( text ) on a mobile phone
Vishing-a new method like phishing but
using the telephone to defraud the person
and collect information about their identity
ATM/Credit Card Skimming-illegal copying
of information from the magnetic strip of an
ATM/credit/debit card
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