AN ACT FURTHER STRENGTHENING THE ANTI-MONEY LAUNDERING LAW (2021)
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AN ACT FURTHER STRENGTHENING THE ANTI-MONEY LAUNDERING LAW (2021)
Republic Act No. 11521
January 29, 2021
Case Overview and Summary
Summary of Republic Act No. 11521Declaration of Policy (Section 1)
- Protect the integrity and confidentiality of bank accounts
- Ensure the Philippines is not used as a money laundering site
- Extend cooperation in transnational investigations and prosecutions of money laundering activities
- Implement targeted financial sanctions related to financing of weapons of mass destruction proliferation, terrorism, and terrorism financing
Definitions (Section 2)
- "Covered persons" include real estate developers and brokers, offshore gaming operators and service providers (Section 3(a)(9-10))
- "Covered transaction" is a cash transaction exceeding P500,000 within one banking day; for real estate, exceeding P7,500,000; for casinos, exceeding P5,000,000 (Section 3(b))
- "Suspicious transactions" are transactions with covered persons, regardless of amount, where certain circumstances exist (Section 3(b-1))
- "Unlawful activity" includes violations of the Securities Regulation Code, Strategic Trade Management Act related to weapons of mass destruction proliferation, tax evasion exceeding P25,000,000, and similar foreign offenses (Section 3(i))
- Definitions for "offshore gaming operator", "service providers", "real estate developer", "real estate broker", "targeted financial sanctions", and "proliferation financing" (Section 3(l-p))
Anti-Money Laundering Council (AMLC) (Section 3)
- Composed of the BSP Governor, IC Commissioner, and SEC Chairman
- Powers include receiving and analyzing reports, conducting investigations, issuing freeze orders, implementing targeted financial sanctions, and preserving/managing assets (Section 7)
Information Security and Confidentiality (Section 4)
- AMLC and Secretariat must securely protect information and not reveal it, even after separation (Section 8-A)
Freezing Monetary Instrument or Property (Section 5)
- Court of Appeals may issue a freeze order for up to 6 months upon AMLC's verified petition (Section 10(a))
- AMLC may issue ex parte freeze order for targeted financial sanctions related to weapons of mass destruction proliferation financing (Section 10(b))
Civil Forfeiture (Section 6)
- No court shall issue a TRO or writ of injunction against a provisional asset preservation order or asset preservation order, except the Court of Appeals or Supreme Court (Section 12(d))
Penal Provisions (Section 7)
- Breach of information security and confidentiality is punishable by 3-8 years imprisonment and a fine of P500,000-P1,000,000 (Section 14(d))
Non-intervention in BIR Operations (Section 8)
- AMLC may coordinate with BIR on investigations related to tax evasion as a predicate offense to money laundering (Section 20)
Implementing Rules and Regulations (Section 9)
- AMLC shall issue necessary rules and regulations within 90 days from effectivity of the Act
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anti-money laundering
money laundering
covered persons
covered transactions
suspicious transactions
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Anti-Money Laundering Council (AMLC)
freeze order
asset preservation order
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targeted financial sanctions
proliferation financing
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AN ACT FURTHER STRENGTHENING THE ANTI-MONEY LAUNDERING LAW (2021)
Republic Act No. 11521
•January 29, 2021
January 29, 2021
REPUBLIC ACT NO. 11521
AN ACT FURTHER STRENGTHENING THE ANTI-MONEY LAUNDERING LAW, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 9160, OTHERWISE KNOWN AS THE "ANTI-MONEY LAUNDERING ACT OF 2001," AS AMENDED
SECTION 1. Section 2 of Republic Act No. 9160, as amended, is hereby amended to read as follows:
"SEC. 2. Declaration of Policy. — It is hereby declared the policy of the State to protect and preserve the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity. Consistent with its foreign policy, the State shall extend cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committed, as well as in the implementation of targeted financial sanctions related to the financing of the proliferation of weapons of mass destruction, terrorism, and financing of terrorism, pursuant to the resolutions of the United Nations Security Council."
SECTION 2. Section 3 of the same Act is hereby amended as follows:
"SEC....
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