MONEY LAUNDRING Flashcards
is a crime whereby the proceeds of an UNLAWFUL ACTIVITY ARE TRANSACTED, thereby making them appear to have originated from legitimate sources.
Money laundering
is also COMMITTED BY ANY COVERED PERSON who, knowing that a covered or suspicious transaction is required under this Act to be reported to the Anti-Money Laundering Council
Money laundering
is committed by any person who, knowing that any MONETARY INSTRUMENT or property represents, involves, or relates to the proceeds of any unlawful activity
Money laundering
REPUBLIC ACT NO. 9160 otherwise known as the?
Anti-Money Laundering Act of 2001
AN ACT FURTHER STRENGTHENING THE ANTI-MONEY LAUNDERING LAW, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 9194 and 9160
REPUBLICT ACT NO. 10365
Anti-Money Laundering Act of 2001 was approved on
September 29, 2001
Money Laundering Process:
- Placement
- Layering
- Integration
AN ACT AMENDING REPUBLIC ACT NO. 9160
REPUBLICT ACT NO. 9194
The aim is to REMOVE CASH from the location of acquisition to avoid detection.
Placement
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.
Integration
Separating illicit proceeds from their source by CREATING COMPLEX LAYER of financial transactions designed to disguise the source of money, subvert the audit trail and provide anonymity
Layering
The physical disposal of cash proceeds derived from the UNLAWFUL ACTIVITY
Placement
The purpose is to disassociate the illicit proceeds from the unlawful activity by creating intentionally a COMPLEX WED OF FINANCIAL transactions aimed at concealing any audit trail as well as the source and ownership of funds.
Layering
