Rationale for Enacting the Law

The Philippines, while striving to sustain economic development and poverty alleviation through, among others, corporate governance and public office transparency, must contribute its share and play a vital role in the global fight against money laundering. Hence, the compelling need to enact responsive anti-money laundering legislation in order to establish and strengthen an anti-money laundering regime in the country which will not only increase investor’s confidence but also ensure that the Philippines is not used as a site to launder proceeds of unlawful activities.

History of the Act

Republic Act No. 9160 otherwise known as The Anti-Money Laundering Act of 2001 was signed into law on September 29, 2001 and took effect on October 17, 2001. The implementing Rules and Regulations took effect on  April 2, 2002. On March 7, 2003, R.A. No. 9194 (An Act Amending R.A. No. 9160) was signed into law and took effect on March 23, 2003. The revised Implementing Rules and Regulations took effect on September 7, 2003.

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