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The Anti–Money Laundering Council (AMLC) is the agency of the Government of the Philippines that is tasked to implement the provisions of Republic Act No. 9160, also known as the Anti–Money Laundering Act of 2001 (AMLA), as amended, and Republic Act No. 10168, also known as the “Terrorism Financing Prevention and Suppression Act of 2012” (TFPSA).
Apart from the crimes penalized in the Revised Penal Code, several other pieces of criminal legislation have been passed, penalizing acts such as illegal possession and trafficking of dangerous drugs, money laundering, and illegal possession of firearms. These laws are called “Special Penal Laws” and they form part of Philippine criminal laws.
Philippine President Rodrigo Duterte signed a law on Friday to strengthen anti-money laundering and terrorist financing regulations ahead of a Feb. 1 deadline set by a global financial watchdog.
With money laundering being one of the problems of the Philippines, [37] the BSP has issued a number of measures to bring the Philippines' regulatory regime on money laundering closer to international standards. In September 2001, the Anti-Money Laundering Act, or AMLA, was made into law.
The Philippines is hopeful of being taken off the money laundering 'grey list' of the Financial Action Task Force (FATF) of this year, the country's Anti-Money Laundering Council said on Tuesday.
The Constitution of the Philippines (Filipino: Saligang Batas ng Pilipinas or Konstitusyon ng Pilipinas) is the supreme law of the Philippines. Its final draft was completed by the Constitutional Commission on October 12, 1986, and ratified by a nationwide plebiscite on February 2, 1987. The Constitution remains unamended to this day.
Smartmatic's president and co-founder, Roger Alejandro Pinate Martinez, 49, and two co-defendants were charged with foreign bribery and money laundering alongside a former chairman of the ...
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.