CONGRESS AND RA 9194

- The Congress of the Philippines Republic Act 9194 - Amendment of RA 9160 of 2001
which is known as the Anti-Money Laundering Act.
 The act seeks to strengthen protections to ensure that the Philippine shall not be used
as a money laundering site for the proceeds of any unlawful activity.
 The Act raises the covered transaction amount under the purview of the law, and
revises the composition of the Anti-Money Laundering Council (AMLC) and
reporting requirements of suspicious transactions.
 It changes AMLC’s authority to freeze assets and inquire into bank deposits
 Anti-Money Laundering (AML) and Know Your Costumer (KYC) Banking Laws and
Regulations.
 Money Laundering
 RA 9160 (Anti Money Laundering Act of 2001 (AMLA)
Sec 4 – Money Laundering is a CRIME whereby the proceeds of unlawful activity as herein
defined are TRANSACTED thereby making them appear to have originated from legitimate
sources.
 This is banking on the international law on Anti Money Laundering to combat drug trade.
 AMLA was enacted mainly by virtue of external pressure and to satisfy the demand of
FINANCIAL ACTION TASK FORCE (FATF) to conform to the global standard, to beat the
deadline, to avoid the imposition of counter measures and to be removed from the list of Non-
Cooperative Countries and Territories (NCCT).
FATF – FINANCIAL ACTION TASK FORCE
- Inter-governmental body established in 1989, based in Paris France, formed by G-7 (seven major
developed countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United
States, which are the largest IMF-advanced economies in the world)
 FATF
 With a mission in paving the way for the effective prevention and detection of money laundering by
ensuring the appropriate measures against money laundering are implemented in all nations
 Created and maintained a list of NON-COOPERATIVE COUNTRIES and TERRITORIES (NCCT
List)
 1990 FATF issued 40 Recommendations
 June 2000 – Included Philippines in its list of NON-COOPERATIVE COUNTRIES AND
TERRITORIES
 Oct 2001 – Enactment of RA 9160 “AMLA of 2001”
 March 2003 – RA 9194, amendment of RA 9160
 Feb 11, 2005 – FATF removed the Philippines in the list of NCCT
 To avoid sanctions, the Philippine Government made extraordinary efforts to ensure
compliance such as the collaboration shown in the executive agencies, the swift action taken by
the collaboration of legislators, the circumvention of rules and procedures.