QuestionsQuestions (BSP MEMORANDUM, MARCH 21, 2002)
The AMLC is created under Republic Act No. 9160, the Anti-Money Laundering Act of 2001 (AMLA).
UNSCR Nos. 1267, 1269, 1333, 1368, and 1373.
Executive Order No. 13224 issued by President George W. Bush dated September 24, 2001, including the Terrorist List dated September 24, 2001, and other lists dated October 12, November 2, November 7, December 4, December 20, 2001, and January 9, 2002.
They must submit covered transaction reports and suspicious transaction reports involving any individual, group, organization, or entity included in the lists, in accordance with the cited IRR rules and related regulations.
Section 3 (unlawful activities or predicate crimes) and Section 4 (money laundering offense). The memorandum notes that hijacking, destructive arson, and murder perpetrated by terrorists against non-combatant persons are among the predicate crimes under Section 3, and transacting the proceeds is a money laundering offense under Section 4.
It cites Rule 3.f of the IRRs, stating that “proceeds” includes “all moneys, expenditures, payments, disbursements, costs, outlays, charges, accounts, refunds, and other similar items” for the financing, operations and maintenance of any unlawful activity.
It, together with Sections 2, 7, and 13 of the AMLA, authorizes the AMLC to receive and take action on requests of foreign states for assistance in their anti-money laundering operations that the Philippine Government must effectively execute and enforce.
Rules 5 and 9.3 of the IRRs.
Both report types must be submitted: covered transaction reports relate to transactions involving listed individuals/entities as contemplated by the AMLA/IRR framework, while suspicious transaction reports apply when transactions appear suspicious under AMLA requirements. The memorandum explicitly requires both types for listed persons/entities.
All banks and off-shore banking units concerned must file with the AMLC the necessary reports of suspicious and covered transactions involving individuals/entities named in the referenced lists.
It was adopted on 21 March 2002.
To show that these terrorist acts are treated as predicate crimes under Section 3 of the AMLA, making transactions involving the proceeds a money laundering offense under Section 4.
The US Government sought assistance in identifying and, when warranted under Philippine laws, freezing and blocking transactions, funds, and properties of terrorist individuals/entities included in additional lists; the AMLC is authorized to act on foreign-state assistance requests.