QuestionsQuestions (Republic Act No. 10167)
It strengthens the Anti-Money Laundering Act by amending Sections 10 and 11 of Republic Act No. 9160, particularly on freezing of monetary instruments/property and authority to inquire into bank deposits.
The AMLC may file a verified ex parte petition.
That probable cause exists that the monetary instrument or property is in any way related to an unlawful activity as defined in Section 3(i) of RA 9160.
It becomes effective immediately and lasts for twenty (20) days unless extended by the court.
The court should act on the petition within twenty-four (24) hours from filing of the petition.
The computation excludes the nonworking days.
They may file a motion to lift the freeze order, and the court must resolve the motion before the expiration of the original twenty (20)-day freeze order.
No. No court shall issue a TRO or injunction against any freeze order, except the Supreme Court.
Notwithstanding Republic Act No. 1405 (Bank Secrecy Act), Republic Act No. 6426, Republic Act No. 8791, and other laws.
Probable cause that the deposits/investments, including related accounts involved, are related to an unlawful activity under Section 3(i) or to a money laundering offense under Section 4.
In cases involving activities defined in Section 3(i)(1), (2), and (12), and felonies/offenses similar to those mentioned in Section 3(i)(1), (2), and (12) punishable under the penal laws of other countries, and terrorism and conspiracy to commit terrorism as defined and penalized under RA 9372.
The Court of Appeals shall act within twenty-four (24) hours from filing of the application.
It may, in the course of periodic or special examinations, check a covered institution’s compliance with AMLA requirements and implementing rules/regulations.
Accounts whose funds and sources originated from and/or are materially linked to the monetary instrument(s) or property(ies) subject of the freeze order(s).
Yes. An ex parte court order must first be obtained before the AMLC can inquire into related accounts, and the procedure for the ex parte application of the principal account should be the same as that for the related accounts.
Article III, Sections 2 and 3 of the 1987 Constitution, which are incorporated by reference.
If any provision is held void or unconstitutional, the remaining provisions not affected shall remain in full force and effect.
All inconsistent laws are repealed/amended/modified accordingly, but penal provisions shall not apply to acts done prior to the effectivity of the AMLA on October 17, 2001.
Fifteen (15) days after complete publication in the Official Gazette or in at least two (2) national newspapers of general circulation.