Republic of the Philippines
CONGRESS OF THE PHILIPPINES
Metro ManilaFifteenth Congress
Second Regular SessionBegun and held in Metro Manila, on Monday, the twenty-fifth day of July, two thousand eleven.
REPUBLIC ACT NO. 10167 June 06, 2012
AN ACT TO FURTHER STRENGTHEN THE ANTI-MONEY LAUNDERING LAW, AMENDING FOR THE PURPOSE SECTIONS 10 AND 11 OF REPUBLIC ACT NO. 9160, OTHERWISE KNOWN AS THE ANTI-MONEY LAUNDERING ACT OF 2001, AS AMENDED, AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. Section 10 of Republic Act No. 9160, as amended, is hereby amended to read as follows:
"SEC. 10. Freezing of Monetary Instrument or Property. – Upon verified ex parte petition by the AMLC and after determination that probable cause exists that any monetary instrument or property is in any way related to an unlawful activity as defined in Section 3(i) hereof, the Court of Appeals may issue a freeze order, which shall be effective immediately. The freeze order shall be for a period...
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Republic Acts
AN ACT TO FURTHER STRENGTHEN THE ANTI-MONEY LAUNDERING LAW
Republic Act No. 10167
Summary of Republic Act No. 10167 (An Act to Further Strengthen the Anti-Money Laundering Law)
Freezing of Monetary Instrument or Property (Section 1)
- The Court of Appeals may issue a freeze order, effective immediately, upon verified ex parte petition by the Anti-Money Laundering Council (AMLC) and determination of probable cause that any monetary instrument or property is related to an unlawful activity as defined in Section 3(i).
- The freeze order shall be for a period of twenty (20) days unless extended by the court.
- The court should act on the petition to freeze within twenty-four (24) hours from filing.
- A person whose account has been frozen may file a motion to lift the freeze order, and the court must resolve this motion before the expiration of the twenty (20)-day original freeze order.
- No court shall issue a temporary restraining order or a writ of injunction against any freeze order, except the Supreme Court.
Authority to Inquire into Bank Deposits (Section 2)
- The AMLC may inquire into or examine any particular deposit or investment, including related accounts, with any banking institution or non-bank financial institution upon order of any competent court based on an ex parte application in cases of violations of this Act, when it has been established that there is probable cause that the deposits or investments, including related accounts involved, are related to an unlawful activity as defined in Section 3(i) or a money laundering offense under Section 4.
- No court order shall be required in cases involving activities defined in Section 3(i)(1), (2), and (12), and felonies or offenses of a nature similar to those mentioned in Section 3(i)(1), (2), and (12), which are punishable under the penal laws of other countries, and terrorism and conspiracy to commit terrorism as defined and penalized under Republic Act No. 9372.
- The Court of Appeals shall act on the application to inquire into or examine any deposit or investment with any banking institution or non-bank financial institution within twenty-four (24) hours from filing of the application.
- The Bangko Sentral ng Pilipinas may, in the course of a periodic or special examination, check the compliance of a covered institution with the requirements of the Anti-Money Laundering Act (AMLA) and its implementing rules and regulations.
- "Related accounts" shall refer to accounts, the funds and sources of which originated from and/or are materially linked to the monetary instrument(s) or property(ies) subject of the freeze order(s).
- A court order ex parte must first be obtained before the AMLC can inquire into these related accounts, following the same procedure for the ex parte application of the ex parte court order for the principal account.
- The authority to inquire into or examine the main account and the related accounts shall comply with the requirements of Article III, Sections 2 and 3 of the 1987 Constitution, which are hereby incorporated by reference.
Other Provisions
- Separability Clause: If any provision of this Act or the application thereof to any person or circumstance is held to be void, or unconstitutional, any other provision not affected thereby shall remain in full force and effect.
- Repealing Clause: All laws, decrees, executive orders, rules and regulations or parts thereof as are inconsistent with this Act are hereby repealed, amended or modified accordingly, provided that the penal provisions shall not apply to acts done prior to the effectivity of the AMLA on October 17, 2001.
- Effectivity: This Act shall take effect fifteen (15) days after its complete publication in the Official Gazette or in at least two (2) national newspapers of general circulation.
Freezing of Monetary Instrument or Property (Section 1)
- The Court of Appeals may issue a freeze order, effective immediately, upon verified ex parte petition by the Anti-Money Laundering Council (AMLC) and determination of probable cause that any monetary instrument or property is related to an unlawful activity as defined in Section 3(i).
- The freeze order shall be for a period of twenty (20) days unless extended by the court.
- The court should act on the petition to freeze within twenty-four (24) hours from filing.
- A person whose account has been frozen may file a motion to lift the freeze order, and the court must resolve this motion before the expiration of the twenty (20)-day original freeze order.
- No court shall issue a temporary restraining order or a writ of injunction against any freeze order, except the Supreme Court.
Authority to Inquire into Bank Deposits (Section 2)
- The AMLC may inquire into or examine any particular deposit or investment, including related accounts, with any banking institution or non-bank financial institution upon order of any competent court based on an ex parte application in cases of violations of this Act, when it has been established that there is probable cause that the deposits or investments, including related accounts involved, are related to an unlawful activity as defined in Section 3(i) or a money laundering offense under Section 4.
- No court order shall be required in cases involving activities defined in Section 3(i)(1), (2), and (12), and felonies or offenses of a nature similar to those mentioned in Section 3(i)(1), (2), and (12), which are punishable under the penal laws of other countries, and terrorism and conspiracy to commit terrorism as defined and penalized under Republic Act No. 9372.
- The Court of Appeals shall act on the application to inquire into or examine any deposit or investment with any banking institution or non-bank financial institution within twenty-four (24) hours from filing of the application.
- The Bangko Sentral ng Pilipinas may, in the course of a periodic or special examination, check the compliance of a covered institution with the requirements of the Anti-Money Laundering Act (AMLA) and its implementing rules and regulations.
- "Related accounts" shall refer to accounts, the funds and sources of which originated from and/or are materially linked to the monetary instrument(s) or property(ies) subject of the freeze order(s).
- A court order ex parte must first be obtained before the AMLC can inquire into these related accounts, following the same procedure for the ex parte application of the ex parte court order for the principal account.
- The authority to inquire into or examine the main account and the related accounts shall comply with the requirements of Article III, Sections 2 and 3 of the 1987 Constitution, which are hereby incorporated by reference.
Other Provisions
- Separability Clause: If any provision of this Act or the application thereof to any person or circumstance is held to be void, or unconstitutional, any other provision not affected thereby shall remain in full force and effect.
- Repealing Clause: All laws, decrees, executive orders, rules and regulations or parts thereof as are inconsistent with this Act are hereby repealed, amended or modified accordingly, provided that the penal provisions shall not apply to acts done prior to the effectivity of the AMLA on October 17, 2001.
- Effectivity: This Act shall take effect fifteen (15) days after its complete publication in the Official Gazette or in at least two (2) national newspapers of general circulation.