Anti Money Laundering Act 2001

REPUBLIC ACT NO. 9160 AN ACT DEFINING THE come down OF MONEY LAUNDERING, PROVIDING PENALTIES THEREFOR AND FOR OTHER PURPOSES.      Section 1. Short Title. This toy out sh alone be known as the Anti-Money Laundering toy of 2001. Sec. 2.  solvent of Policy. It is hereby declared the policy of the accede to harbor and detain the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be utilise as a specie launder rate for the retort of any unlawful activity.  Consistent with its immaterial policy, the State shall feed cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committed. Sec. 3. Definitions.  For purposes of this Act, the following terms are hereby delimitate as follows: (a) Covered institution refers to: (1) banks, non-banks, quasi-banks, trust entities, and all different institutions and their subsidiaries and affiliates su pervised or regulate by the Bangko Sentral ng Pilipinas (BSP); (2) damages companies and all separate institutions supervised or set by the Insurance Commission; and     (3) a.

  securities dealers, brokers, salesmen, investment houses and new(prenominal) akin(predicate) entities managing securities or render services as investment agent, advisor, or adviser; b.  unwashed funds, close-end investment companies, common trust funds, pre-need companies and other equivalent entities; c.  foreign exchange corporations, money changers, money payment, remittance, and transfer companies and other like entities; and d.  other entities administering or otherwise dealin g in currency, commodities or financial deri! vatives based thereon, valuable objects, cash substitutes and other similar monetary instruments or property supervised or regulated by the Securities and Exchange Commission. (b) Covered transaction is a single, series, or combination of transactions involving a total nub in excess of Four Million...If you want to get a mount essay, order it on our website: OrderEssay.net

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