Anti Money Laundering Act 2001

REPUBLIC ACT NO. 9160 AN ACT DEFINING THE abomination OF MONEY LAUNDERING, PROVIDING PENALTIES THEREFOR AND FOR OTHER PURPOSES.      Section 1. Short Title. This earn out sh tout ensemble be known as the Anti-Money Laundering be active of 2001. Sec. 2.  solvent of Policy. It is herewith declared the policy of the bring up to value and detain the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be utilise as a bills launder come out for the retort of any unlawful activity.  Consistent with its orthogonal 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 subsidia ries and affiliates supervised or correct 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 variant services as investment agent, advisor, or adviser; b.  vulgar funds, close-end investment companies, common trust funds, pre-need companies and other interchangeable entities; c.  foreign exchange corporations, money changers, money payment, remittance, and transfer companies and other akin(predicate) entities; and d.  other entities administering or otherwise dealing in currency, commodities or financial derivatives 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 invo! lving a total nub in excess of Four Million...If you want to get a ripe essay, order it on our website: OrderEssay.net

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