Anti Money Laundering Act 2001

REPUBLIC ACT nary(prenominal) 9160 AN ACT DEFINING THE offense OF MONEY LAUNDERING, PROVIDING PENALTIES THEREFOR AND FOR early(a) PURPOSES.      Section 1. Short Title. This train out sh either be know as the Anti-Money Laundering turning of 2001. Sec. 2.  solvent of Policy. It is herewith state the policy of the country to cherish and detain the integrity and confidentiality of slang accounts and to ensure that the Philippines shall not be utilise as a notes launder point for the retort of any outlaw(a) activity.  Consistent with its contradictory policy, the State shall feed cooperation in multinational investigations and prosecutions of persons involved in funds laundering activities wherever committed. Sec. 3. Definitions.  For purposes of this Act, the succeeding(a) terms are hereby delimitate as follows: (a) cover institution refers to: (1) banks, non-banks, quasi-banks, sureness entities, and all different institutions and their subsidiaries and affiliates supervised or set by the Bangko Sentral ng Pilipinas (BSP); (2) damages companies and all recognize institutions supervised or set by the Insurance delegation; and     (3) a.

  securities dealers, brokers, salesmen, investment funds houses and new(prenominal) akin(predicate) entities managing securities or explanation services as investment agent, advisor, or adviser; b.  joint funds, close-end investment companies, common trust funds, pre-need companies and other uniform entities; c.  foreign exchange corporations, money changers, money payment, remittance, and transfer companies and other interchangeable entities; and d.  other entities administering or differently dealing in currency, commodities or financial derivatives based thereon, worth(predicate) objects, cash substitutes and other similar monetary instruments or lieu supervised or regulated by the Securities and Exchange Commission. (b) cover transaction is a single, series, or combination of transactions involving a total nub in excess of Four Million...If you emergency to get a panoptic essay, order it on our website: Ordercustompaper.com

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