Anti-Money Laundering Act (AMLA) – RA 9194

1) PRC includes the Anti-Money Laundering Act or RA 9194 as a part of the topic on

commercial laws for the Accountancy Board exam because it deals with the way

businesses get their money. Accounting students need to know if the money of the

business is generated through legal ways.

2)

a. With financial crime more prevalent than ever, it is important that both companies,

accountants, and governments develop tactics to curb it. Probably the most common way of

doing so is to implement anti-money laundering policies that prevent the smuggling of illegally-

obtained funds. Anti-money laundering policies typically require most entities that complete

financial transactions to keep thorough records of their clients’ accounts and activities. If they

come across any information that appears to be suspicious, they are required to report it to the

government for further investigation.

b. RA No. 9194 is signed to help the government identify illegal activities that some

companies are using to clean their money. It also helped the economy by not circulating any

money that has been used in money laundering schemes. Anti-money laundering acts also help

trace and arrest any criminals or drug traffickers that use money laundering.

c. One of the benefits that we can enjoy is the reduced damage on the economy. There

is also less risk for the financial sector. New software developed exclusively for identifying

money laundering.

3) The Anti-Money Laundering Council (AMLC) created under Republic Act (RA) No. 9160,

otherwise known as the Anti-Money Laundering Act of 2001 (AMLA) as amended by RA

No. 9194 is mandated to investigate money laundering and other violations of the AMLA
in order to (a) protect the integrity and confidentiality of bank accounts; (b) ensure that

the Philippines shall not be used as money laundering site for the proceeds of any

unlawful activity; and (c) extend cooperation in transnational investigation and

prosecution of persons involved in money laundering activities wherever committed.