What is Republic No 11521?

R.A. 11521 grants AMLC the power to issue freeze orders to implement targeted financial sanctions in relation to financing of the proliferation of weapons of mass destruction, terrorism, and financing of terrorism.

Who is the head of the AMLC?

Benjamin Diokno
Anti-Money Laundering Council (Philippines)

Agency overview
Annual budget ₱75.06 million Php (2018)
Agency executive Benjamin Diokno, (Chairman) Dennis B. Funa, (Member) Emilio B. Aquino, (Member) Mel Georgie B. Racela, (Executive Director)
Website www.amlc.gov.ph

What is the name of the act that regulates the trade and other means in plants in the Philippines?

– This Act shall be known as the “Strategic Trade Management Act (STMA)”. SEC. 2.

What is the purpose of AMLA law?

9160, otherwise known as the Anti-Money Laundering Act of 2001 (AMLA), is mandated to investigate money laundering and other violations of the AMLA in order to protect the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as money laundering site for the proceeds of any …

What are the powers of AMLC?

In relation to its power to investigate money laundering, the AMLC, upon order of a competent court, is authorized to inquire into or examine any particular bank deposits or investments that are deemed related to an unlawful activity or a money laundering offense.

Who are covered by AMLA?

Covered Persons Supervised or Regulated by the Bangko Sentral ng Pilipinas (BSP)

  • Banks;
  • Offshore banking units;
  • Quasi-banks;
  • Trust entities;
  • Non-stock savings and loan associations;
  • Pawnshops;
  • Foreign exchange dealers;
  • Money changers;

What is money laundering under AMLA?

Money Laundering Offense. — Money laundering is a crime whereby the proceeds of an unlawful activity are transacted, thereby making them appear to have originated from legitimate sources.

Who are covered by amla?

Who can freeze your bank account Philippines?

exists that any deposit or similar account is in any way related to an unlawful activity, the AMLC may issue a freeze order, which shall be effective immediately, on the account for a period not exceeding fifteen (15) days.

Who needs to register with AMLC?

Jewelry dealers in precious metals, who, as a business, trade in precious metals;

  • Jewelry dealers in precious stones, who, as a business, trade in precious stones;
  • Company service providers which, as a business, provide any of the following services to third parties:

    • Why is RA 8485 important?

    It is the purpose of this Act to protect and promote the welfare of all animals in the Philippines by supervising and regulating the establishment and operations of all facilities utilized for breeding, maintaining, keeping, treating or training of all animals either as objects of trade or as household pets.

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