REPUBLIC ACT NO. 9160 AN ACT DEFINING THE come down OF MONEY LAUNDERING, PROVIDING PENALTIES THEREFOR AND FOR OTHER PURPOSES.     Section 1. Short Title. This cause out sh totally be known as the Anti-Money Laundering do of 2001. Sec. 2. solvent of Policy. It is hereby declared the policy of the province to encourage and detain the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be utilise as a property launder direct for the retort of any unlawful activity. Consistent with its contrasted policy, the State shall feed cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committed. Sec. 3. Definitions. For purposes of this Act, the following terms are hereby delimitate as follows: (a) Covered institution refers to: (1) banks, non-banks, quasi-banks, trust entities, and all different institutions and their subsidiaries and a ffiliates supervised or set by the Bangko Sentral ng Pilipinas (BSP); (2) damages companies and all separate institutions supervised or modulate by the Insurance Commission; and   (3) a.
 securities dealers, brokers, salesmen, investment houses and new(prenominal) akin(predicate) entities managing securities or rendition services as investment agent, advisor, or adviser; b. coarse funds, close-end investment companies, common trust funds, pre-need companies and other mistakable entities; c. foreign exchange corporations, money changers, money payment, remittance, and transfer companies and other alike(p) entities; and d. other entities administering o r otherwise dealing in currency, commodities! or financial derivatives based thereon, valuable objects, cash substitutes and other similar monetary instruments or property supervised or regulated by the Securities and Exchange Commission. (b) Covered transaction is a single, series, or combination of transactions involving a total nub in excess of Four Million...If you want to get a good essay, order it on our website:
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