Money Laundering

Question 1

a crime whereby the proceeds of an
unlawful activity are transacted, thereby making them appear to have originated from legitimate sources.

Answer 1

Money laundering

Question 2

committed by any person who, knowing that any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity:

Answer 2

Money laundering

Question 3

Served as the legal framework of the Philippines’ countermeasures against money laundering.

Answer 3

R.A 9160

Anti-Money Laundering Act of 2001

approved on September 29, 2001

Question 4

AN ACT AMENDING REPUBLIC ACT NO. 9160

Answer 4

R.A 9194

Question 5

AN ACT FURTHER STRENGTHENING THE ANTI-
MONEY LAUNDERING LAW, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 9194 and 9160

Answer 5

RA 10365

Question 6

This refers to banks, non-banks, quasi-banks, trust entities, foreign exchange dealers, pawnshops, money changers, remittance and transfer companies and other similar entities and all other persons and their subsidiaries and affiliates supervised or regulated by the Bangko Sentral ng Pilipinas (BSP

Answer 6

Covered person

Question 7

is a transaction in cash or other equivalent monetary instrument involving a total amount in excess of Five hundred thousand pesos (P500,000.00) within one (1) banking day.

Answer 7

Covered transaction

Question 8

Are coins or currency of legal tender of the Philippines, or of any other country; (2) drafts, checks and notes;

Answer 8

Monetary instrument

Question 9

Physical disposal of cash proceeds derived from the unlawful activity. The aim is to remove cash from the location of acquisition to avoid detection.

Answer 9

Placement

Question 10

Separating illicit proceeds from their source by creating complex
layers of financial transactions designed to disguise the source of money, subvert the audit trail and provide anonymity. The purpose is to disassociate the illicit proceeds from the unlawful activity by creating intentionally a complex web of financial transactions aimed at concealing any audit trail as well as the source and ownership of fund

Answer 10

Layering

Question 11

The final stage in the process at which the money is integrated
into legitimate economic and financial systems and is assimilated with all the other assets in the system.

Answer 11

Integration

Question 12

Money Laundering Process

Answer 12

Placement
Layering
Integration