Primer on the Anti-Money Laundering Act of 2001 (AMLA), as amended

March 14, 2006BSP MEMORANDUMTO  :All Pawnshops   SUBJECT : Primer on the Anti-Money Laundering Act of 2001 (AMLA), as amended Relative to the requirements under Memorandum to All Pawnshops dated 22 February 2005 which confirms the inclusion of pawnshops among the covered institutions of the AMLA, attached is a Primer on Frequently Asked Questions (FAQ) as a reference material to guide you in complying with R.A. No. 9160, otherwise known as the "Anti-Money Laundering Act of 2001", as amended. For more information and guidance.(SGD.) NESTOR A. ESPENILLA, JR.Deputy GovernorATTACHMENTFREQUENTLY ASKED QUESTIONS RELATIVE TO THE MEMORANDUM TO ALL PAWNSHOPS ON ANTI-MONEY LAUNDERING1) What is money laundering?Money laundering is an act or series or combination of acts whereby proceeds of an unlawful activity, whether in cash, property or other assets, are converted, concealed or disguised to make them appear to have originated from legitimate sources. One way of laundering money is through the financial system. DISaEARepublic Act No. 9160, otherwise known as the Anti-Money Laundering Act of 2001 (AMLA), as amended, defined money laundering as a scheme whereby...