Scribd Logo
Upload

Welcome to Scribd!

  • Anti Money Laundering Act

    Uploaded by

    Kamille Dela cruz
    1 views5 pages
    Philippine banks have strict secrecy laws that prevent investigation and prosecution of money laundering by requiring a court order to access customer bank accounts. This puts the Philippines on gray lists as certain cash transactions over a threshold amount may indicate money laundering, including cash or check exchanges over 500,000 pesos, jewelry or precious metal deals over 1 million pesos, casino cash over 5 million pesos, and single real estate transactions over 7.5 million pesos in cash.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Philippine banks have strict secrecy laws that prevent investigation and prosecution of money laundering by requiring a court order to access customer bank accounts. This puts the Philippines on gray lists as certain cash transactions over a threshold amount may indicate money laundering, including cash or check exchanges over 500,000 pesos, jewelry or precious metal deals over 1 million pesos, casino cash over 5 million pesos, and single real estate transactions over 7.5 million pesos in cash.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    1 views5 pages

    Anti Money Laundering Act

    Uploaded by

    Kamille Dela cruz
    Philippine banks have strict secrecy laws that prevent investigation and prosecution of money laundering by requiring a court order to access customer bank accounts. This puts the Philippines on gray lists as certain cash transactions over a threshold amount may indicate money laundering, including cash or check exchanges over 500,000 pesos, jewelry or precious metal deals over 1 million pesos, casino cash over 5 million pesos, and single real estate transactions over 7.5 million pesos in cash.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 5

    ANTI MON

    Why does the ph is always included in the gray list, dark graylist/ black list?
    Because of or strict bank secrecy law
    Strict bank secrecy law: bacause it is preventing from investigating and prosecuting and getting conviction
    Because in bank secrecy, they requires pa a court order in order for them to checkthe ank acunts of peop

    COVERED TRANSATIONS amount exceeding

    1 Cash or CCE 500,000.00


    2 Jewelry, precios metals, precious stones Dealers 1,000,000.00
    3 Casino cash 5,000,000.00
    4 Real Estate Brokers and Developers (a single cash transac) 7,500,000.00
    ANTI MONEY LAUNDERING ACT

    and getting conviction


    ckthe ank acunts of people involve

    amount exceeding

    500,000.00
    1,000,000.00
    5,000,000.00
    7,500,000.00

    You might also like