|
§ Requires and receives covered or suspicious transaction reports
from covered institutions (banks and all other institutions and their
subsidiaries and affiliates supervised or regulated by BSP; insurance
companies and all other institutions supervised or regulated by the IC; and
securities dealers and other entities supervised or regulated by the SEC);
§ Issues orders addressed to the appropriate Supervising Authority
(the BSP, IC or SEC) or the covered institution to determine the true
identity of the owner of any monetary instrument/property subject of a
covered or suspicious transaction report or request for assistance from a
foreign State, or believed by the AMLC, on the basis of substantial
evidence, to be representing, involving, or related to the proceeds of an
unlawful activity;
§ Institutes civil forfeiture proceedings and all other remedial
proceedings through the Office of the Solicitor General;
§ Causes the filing of complaints with the Department of Justice or
the Ombudsman for the prosecution of money laundering offenses;
§ Investigates suspicious transactions and covered transactions
deemed suspicious after an investigation by AMLC, money laundering
activities, and other violations of the AMLA;
§ Applies before the Court of Appeals, ex parte, for the
freezing of any monetary instrument/property alleged to be proceeds of any
unlawful activity as defined in the AMLA;
§ Implements such measures as may be necessary and justified to
counteract money laundering;
§ Receives and takes action in respect of any request for assistance
from foreign states in their own anti-money laundering operations;
§ Develops 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;
§
Enlists 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;
§ Imposes administrative sanctions for the violation of laws, rules,
regulations and orders and resolutions issued pursuant thereto; and
§
Examines or inquires into bank deposits/investments upon order of
any competent court in cases of violation of the AMLA, when it has been
established that there is probable cause that the deposits/investments are
related to an unlawful activity. No court order, however, is necessary in
cases involving kidnapping for ransom; narcotics offenses; and hijacking,
destructive arson and murder, including those perpetrated by terrorists
against non-combatant persons and similar targets.
To ensure compliance with AMLA, the BSP may inquire into or examine any
deposit or investment with any banking institution or non-bank financial
institution when the examination is made in the course of a periodic or
special examination in accordance with the rules of examination of the BSP.
[Back to top]
|
