Question & AnswerQ&A (Republic Act No. 10167)
The main purpose of Republic Act No. 10167 is to further strengthen the Anti-Money Laundering Law by amending sections 10 and 11 of Republic Act No. 9160, enhancing the powers related to freezing monetary instruments or property and authority to inquire into bank deposits linked to unlawful activities.
The Anti-Money Laundering Council (AMLC) can file an ex parte petition to freeze monetary instruments or property upon verified information and after determination of probable cause linking the property to unlawful activities.
The court must act on the petition within twenty-four (24) hours from the filing of the petition, excluding nonworking days if the petition is filed a day before a nonworking day.
Yes, a person whose account is frozen may file a motion to lift the freeze order, and the court must resolve this motion before the expiration of the original twenty (20)-day freeze period.
No court order is required when the inquiry involves activities defined in Section 3(i)(1), (2), and (12) regarding certain offenses punishable under the penal laws of other countries, terrorism, and conspiracy to commit terrorism as defined under Republic Act No. 9372.
The authority to inquire overrides the provisions of Republic Act No. 1405 (Bank Secrecy Law), Republic Act No. 6426, Republic Act No. 8791, and other laws protecting bank deposit confidentiality in cases of money laundering.
A related account refers to accounts whose funds and sources originated from and/or are materially linked to the monetary instruments or properties subject of the freeze order.
The Court of Appeals must act on the application within twenty-four (24) hours from filing the ex parte application.
The Bangko Sentral ng Pilipinas may check the compliance of covered institutions with the Anti-Money Laundering Act and its implementing rules during periodic or special examinations.
An ex parte court order must be obtained before inquiring into related accounts, and the procedure for the application must be the same as that for the principal account.
The authority to inquire must comply with Article III, Sections 2 and 3 of the 1987 Constitution, which protect against unreasonable searches and seizures and the right to due process.
All inconsistent laws, decrees, executive orders, rules, and regulations or parts thereof are repealed, amended, or modified accordingly as provided by the Repealing Clause.
The Act took effect fifteen (15) days after its complete publication in the Official Gazette or in at least two (2) national newspapers of general circulation.