FIFTEENTH CONGRESS OF THE REPUBLIC 
OF THE PHILIPPINES 
First Regular Session 
SENATE 
S. No. 248 /4 
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Introduced by Senator S. R. Osmena III 
EXPLANATORY NOTE 
Money laundering has adversely affected the social, political, and economic 
landscape of the world and is incessantly exploiting the vulnerabilities and weaknesses 
of every nation. 
It continues to evolve such that the international standards in 
combating money laundering must continue to be raised in order to detect, deter and 
defeat it. It has become a global monster and no single country, no matter how strong it 
may be, can slay the same by itself. 
All jurisdictions must, therefore, endeavor to cope with the ever changing 
environment in order to be effective in the fight against money laundering. They have to 
comply with the international anti-money laundering standards to enhance their 
capabilities and must engage fully in both domestic and international cooperation. 
Just like other jurisdictions, the Philippines is exposed daily to money laundering 
risks and threats, and stands vulnerable to the nefarious effects of money laundering 
due to some deficiencies in its legal, regulatory, and supervisory framework. These 
deficiencies must be promptly addressed in order for the Philippines to develop and 
establish a robust AML regime that is truly fully compliant with international standards. 
One of such serious deficiencies noted is the limited scope and definition of the 
crime of money laundering under R.A. No. 9160, otherwise known as the Anti-Money 
Laundering Act (AMLA) of 2001, as amended, which was found to be not in accordance 
with the United Nations Convention Against Illicit Traffic in Narcotic Drugs and 
Psychotropic Substance (Vienna Convention) and the United Nations Convention 
Against Transnational Organized Crime (Palermo Convention). 
As defined in the 
AMLA, as amended, money laundering is confined to the transaction of criminal 
proceeds. In other words, if the illicit proceeds are not transacted, there is no crime of 
money laundering committed. 
Hence, the need to expand the scope of money 
laundering to include, among others, conversion, transfer, possession, concealment and 
disguise of the proceeds of any underlying unlawful activity. 
Another deficiency is that many crimes such as bribery, corruption of public 
officers, frauds and illegal exactions and transactions, forgeries and counterfeiting, 
trafficking in persons, carnapping, environmental crimes, and malversation of public 
funds and property, are not predicate crimes to money laundering under the AMLA, as 
amended, and should, therefore, be considered as offenses underlying the crime of 
money laundering. 


Other sectors not yet covered by the AMLA are also vulnerable to money 
laundering and can be exploited by money launderers and criminals. Designated Non-
Financial Businesses and Professions (ONFBPs) such as casinos, real estate agents, 
dealers in precious metals and stones, lawyers, notaries, and accountants, are not 
covered by the AMLA, as amended, and should, therefore, be covered by said law. 
Bank' inquiry by the AMLC, being an indispensable discovery tool in following the 
money trail to ensure success in tracing the proceeds of crime, and identifying and 
bringing ·to justice the perpetrators, should be allowed ex-parte by the courts. 
Otherwise, the efforts of the government in stopping the evils of money laundering and 
its underpinning unlawful activities would be frustrated. 
In view of the foregoing, early passage of this measure is strongly recommended. 
SERGIO OSMENA III 
Senator 
2 


FIFTEENTH CONGRESS OF THE REPUBLIC 
OF THE PHILIPPINES 
First Regular Session 
SENATE 
S. No. 2484 
) 
) 
) 
Introduced by Senator S. R. Osmefia III 
'j 
, 
AN ACT TO FURTHER STRENGTHEN 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, AND FOR 
OTHER PURPOSES. 
Be it enacted by the Senate and House of Representatives of the Philippines in 
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Congress a~sembled: 
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SECTION 1. Section 3 (a) of Republic Act No. 9160, as amended, is hereby 
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amended as follows: 
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"(a) "Covered institution OR INDIVIDUAL refers to: 
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(1) banks, quasi-banks, trust entities, foreign exchange corporations, money 
changers, money payments, remittance and transfer companies and 
other similar entities and all other institutions and their subsidiaries and 
affiliates supervised or regulated by the Bangko Sentral ng Pilipinas 
(BSP); 
(2) insurance companies, pre-need companies and all other institutions 
supervised or regulated by the Insurance Commission (IC); and 
(3) (i) securities dealers, brokers, salesmen, investment houses and other 
similar entities managing securities or rendering services as investment 
agent, advisor, or consultant, (ii) 
mutual funds, close-end investment 
companies, common trust funds, and other similar entities, and (iii) other 
, 
entities administering or otherwise dealing in currency, commodities or 
financial derivatives based thereon, valuable objects, cash substitutes 
and other similar monetary instruments or property supervised or 
regulated by the Securities and Exchange Commission (SEC); 


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(4) NON-FINANCIAL BUSINESSES AND PROFESSIONS, SUCH AS 
(i) 
CASINOS, INCLUDING INTERNET CASINOS; 
(ii) 
REAL ESTATE AGENTS; 
(iii) 
DEALERS IN PRECIOUS METALS; 
(iv) 
DEALERS IN PRECIOUS STONES; AND 
(v) 
LAWYERS, NOTARIES, OTHER INDEPENDENT LEGAL 
PROFESSIONALS AND ACCOUNTANTS WHEN THEY 
PREPARE FOR OR CARRY OUT TRANSACTIONS FOR 
THEIR 
CLIENTS 
CONCERNING 
THE 
FOLLOWING 
ACTIVITIES: 
a. 
BUYING AND SELLING OF REAL ESTATE; 
b. 
MANAGING OF CLIENT MONEY, SECURITIES OR 
OTHER ASSETS; 
c. 
MANAGEMENT 
OF 
BANK, 
SAVINGS 
OR 
SECURITIES ACCOUNTS; 
d. 
ORGANIZATION OF CONTRIBUTIONS FOR THE 
CREATION, OPERATION OR MANAGEMENT OF 
COMPANIES; AND 
e. 
CREATION, OPERATION OR MANAGEMENT OF 
LEGAL 
PERSONS 
OR 
ARRANGEMENTS, 
AND 
BUYING AND SELLING BUSINESS ENTITIES. 
PROVIDED, 
THAT 
LAWYERS, 
NOTARIES, 
OTHER 
INDEPENDENT 
LEGAL 
PROFESSIONALS 
AND 
ACCOUNTANTS ACTING AS 
INDEPENDENT LEGAL 
PROFESSIONALS ARE NOT REQUIRED TO REPORT 
THEIR SUSPICIONS IF THE RELEVANT INFORMATION 
WAS OBTAINED IN CIRCUMSTANCES WHERE THEY 
ARE 
SUBJECT TO PROFESSIONAL SECRECY OR 
LEGAL PROFESSIONAL PRIVILEGE; 
(vi) 
TRUST AND COMPANY SERVICE PROVIDERS WHICH, 
AS A BUSINESS, PROVIDE ANY OF THE FOLLOWING 
SERVICES TO THIRD PARTIES: 
a. 
ACTING AS A FORMATION AGENT OF LEGAL 
PERSONS; 
b. 
ACTING AS (OR ARRANGING FOR ANOTHER 
PERSON 
TO 
ACT 
AS) 
A 
DIRECTOR 
OR 
CORPORATE SECRETARY OF A COMPANY, A 
PARTNER OF A PARTNERSHIP, OR A SIMILAF<-
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POSITION 
IN 
RELATION 
TO 
OTHER 
LEGAL 
PERSONS; 
c. 
PROVIDING A REGISTERED OFFICE; BUSINESS 
ADDRESS 
OR 
ACCOMMODATION, 
CORRESPONDENCE 
OR 
ADMINISTRATIVE 
ADDRESS FOR A COMPANY, A PARTNERSHIP OR 
ANY OTHER LEGAL PERSON OR ARRANGEMENT; 
d. 
ACTING AS (OR ARRANGING FOR ANOTHER 
PERSON TO ACT AS) A TRUSTEE OF AN EXPRESS 
TRUST; AND 
e. 
ACTING AS (OR ARRANGING FOR ANOTHER 
PERSON TO ACT AS) A NOMINEE SHAREHOLDER 
FOR ANOTHER PERSON. 
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SEC. 2. Section 3 (i) of the same Act is hereby amended to read as follows: 
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"(i) 
'Unlawful activity' refers to any act or omission or series or combination 
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thereof involving or having direct relation to the following: 
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(1) 
Kidnapping for ransom under Article 267 of Act No. 3815 , otherwise 
known as the Revised Penal Code, as amended; 
(2) 
Sections 4,5,6,8,9,10,11,12,13,14,15 and 16 of Republic Act 
No. 9165, otherwise known as the Comprehensive Dangerous Drugs 
Act of 2002; 
(3) 
Section 3 paragraphs B, C, E, G, H and I of Republic Act No. 3019, 
as amended, otherwise known as the Anti-Graft and Corrupt 
Practices Act; 
(4) 
Plunder under Republic Act No. 7080, as amended; 
(5) 
Robbery and extortion under Articles 294, 295, 296, 299, 300, 301 
and 302 of the Revised Penal Code, as amended; 
(6) 
Jueteng and Masiao punished as illegal gambling under Presidential 
Decree No. 1602; 
(7) 
Piracy on the high seas under the Revised Penal Code, as amended, 
and Presidential Decree No. 532; 
(8) 
Qualified theft under Article 310 of the Revised Penal Code, as 
amended; 
(9) 
Swindling under Article 315 of the Revised Penal Code, as amended; 
(10) Smuggling under Republic Act Nos. 455 and 1937; 
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(11) Violations under Republic Act No. 8792, otherwise known as the 
Electronic Commerce Act of 2000; 
(12) Hijacking and other violations under Republic Act No. 6235; 
destructive arson and murder, as defined under the Revised Penal 
Code, as amended; 
(13) TERRORISM AND CONSPIRACY TO COMMIT TERRORISM AS 
DEFINED AND PENALIZED UNDER REPUBLIC ACT NO. 9372; 
(14) FINANCING OF TERRORISM AS DEFINED AND PENALIZED BY 
LAW; 
(15) BRIBERY UNDER ARTICLES 210,211, 211-A OF THE REVISED 
PENAL CODE, AS AMENDED AND CORRUPTION OF PUBLIC 
OFFICERS UNDER ARTICLE 212 OF THE REVISED PENAL 
CODE, AS AMENDED; 
(16) FRAUDS AND ILLEGAL EXACTIONS AND TRANSACTIONS 
UNDER ARTICLES 213, 214, 215, AND 216 OF THE REVISED 
PENAL CODE, AS AMENDED; 
(17) MALVERSATION OF PUBLIC FUNDS AND PROPERTY UNDER 
ARTICLES 217 AND 222 OF THE REVISED PENAL CODE, AS 
AMENDED; 
(18) FORGERIES AND COUNTERFEITING UNDER ARTICLES 163, 
166, 167, 168, 169, AND 176 OF THE REVISED PENAL CODE, AS 
AMENDED; 
(19) VIOLATIONS OF SECTIONS 4 TO 6 OF REPUBLIC ACT NO. 9208, 
OTHERWISE KNOWN AS THE ANTI-TRAFFICKING IN PERSONS 
ACT OF 2003; 
(20) VIOLATIONS OF SECTIONS 68 TO 79 OF CHAPTER IV, OF THE 
PRESIDENTIAL DECREE NO. 705, OTHERWISE KNOWN AS THE 
REVISED 
FORESTRY 
CODE 
OF 
THE 
PHILIPPINES, 
AS 
AMENDED; 
(21) VIOLATIONS OF SECTIONS 86 TO 106 OF CHAPTER VI, OF 
REPUBLIC ACT NO. 8550, OTHERWISE KNOWN AS THE 
PHILIPPINE FISHERIES CODE OF 1998; 
(22) VIOLATIONS OF SECTIONS 101 TO 107, AND 110 OF REPUBLIC 
ACT NO. 7942, OTHERWISE KNOWN AS THE PHILIPPINE 
MINING ACT OF 1995; 
(23) VIOLATIONS OF SECTION 27 (c), (e), (f), (g) AND (i) OF 
REPUBLIC ACT NO. 9147, OTHERWISE KNOWN AS THE 
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WILDLIFE RESOURCES CONSERVATION AND PROTECTION 
ACT; 
(24) VIOLATION OF SECTION 7(b) OF REPUBLIC ACT NO. 9072, 
OTHERWISE KNOWN AS THE NATIONAL CAVES AND CAVE 
RESOURCES MANAGEMENT AND PROTECTION ACT; 
(25) VIOLATION OF REPUBLIC ACT NO. 6539, OTHERWISE KNOWN 
AS THE ANTI-CARNAPPING ACT OF 2002, AS AMENDED; 
(26) VIOLATIONS OF SECTIONS 1, 3 AND 5 OF PRESIDENTIAL 
DECREE NO. 1866, AS AMENDED, OTHERWISE KNOWN AS THE 
DECREE CODIFYING THE 
LAWS ON 
ILLEGAL/UNLAWFUL 
POSSESSION, MANUFACTURE, DEALING IN, ACQUISITION OR 
DISPOSITION, OF FIREARMS, AMMUNITION OR EXPLOSIVES; 
(27) VIOLATION OF PRESIDENTIAL DECREE NO. 1612, OTHERWISE 
KNOWN AS THE ANTI-FENCING LAW; 
(28) Fraudulent practices and other violations under Republic Act No. 
8799, otherwise known as the Securities Regulation Code of 2000; 
AND 
(29) Felonies or offenses of a similar nature that are punishable under the 
penal laws of other countries." 
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SEC. 3. Section 4 of the same Act is hereby amended to read as follows: 
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"SEC. 4. 
Money Laundering Offense.- MONEY LAUNDERING IS A 
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CRIME WHEREBY THE PROCEEDS OF AN UNLAWFUL ACTIVITY AS 
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HEREIN DEFINED ARE TRANSACTED, CONVERTED, TRANSFERRED, 
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DISPOSED OF, MOVED, ACQUIRED, POSSESSED, USED, CONCEALED OR 
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DISGUISED. 
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IT IS COMMITTED BY ANY PERSON WHO, KNOWING OR HAS 
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REASON TO BELIEVE THAT ANY MONETARY INSTRUMENT OR PROPERTY 
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REPRESENTS, INVOLVES, OR RELATES TO THE PROCEEDS OF ANY 
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UNLAWFUL ACTIVITY: 
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(a) 
TRANSACTS OR ATTEMPTS TO TRANSACT SAID MONETARY 
INSTRUMENT OR PROPERTY; 
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1(, 
(b) 
CONVERTS, TRANSFERS, DISPOSES OF, MOVES, ACQUIRES, 
POSSESSES 
OR 
USES, 
OR 
ATTEMPTS 
TO 
CONVERT, 
TRANSFER, DISPOSE OF, MOVE, ACQUIRE, POSSESS OR USE 
SAID MONETARY INSTRUMENT OR PROPERTY; 
(c) 
CONCEALS OR DISGUISES OR ATTEMPTS TO CONCEP,L OR 
DISGUISE 
THE 
TRUE 
NATURE, 
SOURCE, 
LOCATION, 
DISPOSITION, MOVEMENT OR OWNERSHIP OF OR RIGHTS 
WITH 
RESPECT TO 
SAID 
MONETARY 
INSTRUMENT OR 
PROPERTY; AND 
(d) 
PERFORMS OR FAILS TO PERFORM ANY ACT AS A RESULT OF 
. WHICH 
HE 
FACILITATES 
THE 
OFFENSE 
OF 
MONEY 
LAUNDERING REFERRED TO IN PARAGRAPHS (a), (b) OR (c) 
ABOVE. 
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MONEY LAUNDERING IS ALSO COMMITTED BY ANY PERSON WHO, 
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KNOWING THAT ANY MONETARY INSTRUMENT OR PROPERTY IS 
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REQUIRED UNDER THIS ACT TO BE DISCLOSED AND FILED WITH THE 
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ANTI-MONEY LAUNDERING COUNCIL (AMLC), FAILS TO DO SO. 
, 
. 
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SEC. 4. Section 7 of the same Act is hereby amended to read as follows. 
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"SEC. 7. 
Creation of Anti-Money Laundering Council (AMLC). --
The 
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Anti-Money Laundering Council is hereby created and shall be composed of the 
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Governor of the Bangko Sentral ng Pilipinas as Chairman, the Commissioner of 
2R 
the Insurance Commission and the Chairman of the Securities and Exchange 
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Commission as Members. The AMLC shall act unanimously in the discharge of 
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its functions as defined hereunder: 
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x x x 
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(6) to apply before the Court of Appeals, ex parte, for the freezing of any 
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monetary instrument or property alleged to be RELATED IN ANY WAY TO any 
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unlawful activity as defined in Section 3(i) hereof; 
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](, 
SEC. 5. Section 9 (c) paragraphs 1 and 4 of the same Act are hereby amended 
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to read as follows: 
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"SEC. 9. 
Prevention of Money Laundering; Customer Identification 
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Requirements and Record Keeping. -
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(a) x x x 
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(b) x x x 
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"(c) 
Reporting of Covered and Suspicious Transactions. -
Covered 
(, 
institutions shall report to the AMLC all covered transactions and 
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suspicious transactions within five (5) working days from occurrence 
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thereof, unless the AMLC prescribes a DIFFERENT period not exceeding 
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FIFTEEN (15) working days." 
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xxx 
When reporting covered or suspicious transactions to the AMLC, 
covered institutions and their officers and employees x x x are prohibited 
from communicating, directly or indirectly, in any manner or by any means, 
to any person or entity, the media, the fact that a covered or suspicious 
transaction HAS BEEN REPORTED OR IS ABOUT TO BE REPORTED, 
the contents OF THE REPORT, or any other information in relation 
thereto. x x x." 
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SEC. 6. Section 10 of the same Act is hereby amended to read as follows: 
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"Sec. 10. 
Freezing of Monetary Instrument or Property The Court of 
Appeals, upon application ex parte 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, may issue a 
freeze order which shall be effective immediately. 
The freeze order shall be for 
a period of twenty (20) days unless extended by the court. 
"NOTWITHSTANDING 
THE 
PROVISION 
OF 
THE 
PRECEDING 
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PARAGRAPH, THE AMLC MAY ISSUE A FREEZE ORDER, WHICH SHALL BE 
, 
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EFFJ;CTIVE IMMEDIATELY, TO IMPLEMENT BINDING CONVENTIONS, 
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DIRECTIVES, OR RESOLUTIONS OF THE UNITED NATIONS, ITS SECURITY 
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COUNCIL AND OTHER RELEVANT UN OFFICES AND COMMITTEES, 
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AGAINST TERRORISM OR TERRORIST FINANCING. THE FREEZE ORDER 
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SHALL BE EFFECTIVE UNTIL THE BASIS FOR THE ISSUANCE THEREOF 
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SHALL HAVE BEEN LIFTED. DURING THE EFFECTIVITY OF THE FREEZE 
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ORDER, AN AGGRIEVED PARTY MAY, WITHIN THIRTY (30) DAYS FROM 
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ISSUANCE, FILE WITH THE COURT OF APPEALS A PETITION TO 
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DETERMINE THE BASIS OF THE FREEZE ORDER." 
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SEC. 7. Section 11 of the same Act is hereby amended to read as follows: 
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"SEC. 11 Authority to Inquire into Bank Oeposits.-
Notwithstanding the 
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provisions of Republic Act No. 1405, as amended, Republic Act No. 6426, as 
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amended, Republic Act No. 8791, and other laws, the AMLC may inquire into or 
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examine any particular deposit or investment, including related web of accounts, 
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with any banking institution or non-bank financial institution upon order of any 
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competent court BASED ON AN EX PARTE APPLICATION in cases of violations 
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of this Act when it has been established that there is probable cause that the 
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deposits or investments INCLUDING RELATED WEB OF ACCOUNTS involved 
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are related to an unlawful activity as defined in Sections 3(i) hereof or a money 
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laundering offense under Section 4 hereof; except that no court order shall be 
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required in cases involving unlawful activities defined in Section 3 (i)(1),(2), (12), 
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(13) AND (14) HEREOF. 
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"To ensure compliance with this Act, the Bangko Sentral ng Pilipinas 
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(BSP) may inquire into or examine any deposit or investment INCLUDING 
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RELATED WEB OF ACCOUNTS with any banking institution or non-bank 
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financial institution when the examination is made in the course of a periodic or 
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special examination, in accordance with the rules of examination of the BSP." 
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SEC. 8. Section 12 (a) of the same Act is hereby amended to read as follows. 
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"(a) Civil Forfeiture. -
UPON DETERMINATION THAT PROBABLE 
CAUSE EXISTS THAT ANY MONETARY INSTRUMENT OR PROPERTY IS 
FOUND TO BE RELATED IN ANY WAY TO AN UNLAWFUL ACTIVITY AS 
DEFINED UNDER SECTION 3 (i) HEREOF OR A MONEY LAUNDERING 
OFFENSE UNDER SECTION 4 HEREOF, THE AMLC SHALL FILE WITH THE 
APPROPRIATE COURT, THROUGH THE OFFICE OF THE SOLICITOR 
GENERAL, A PETITION FOR FORFEITURE AND THE RULES OF COUI~T ON 
CIVIL FORFEITURE SHALL APPLY." 
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SEC. 9. A new subsection (e) is hereby added to Section 12 of the same Act to 
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read as follows: 
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"(e) DISPOSITION OF FORFEITED ASSETS AND RETENTION. AFTER 
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DEDl!JCTING COST OF LITIGATION, SEVENTY-FIVE PERCENT (75%) OF 
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THE NET PROCEEDS OF THE FORFEITED ASSETS OR PROCEEDS 
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THEREFROM SHALL BE TURNED OVER TO THE NATIONAL TREASURY 
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AND THE REMAINING TWENTY-FIVE PERCENT (25%) SHALL BE RETAINED 
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BY THE AMLC TO AUGMENT THE APPROPRIATION FOR ITS OPERATIONS 
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AND MAINTENANCE IN THE GENERAL APPROPRIATIONS ACT. FOF: THIS 
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PURPOSE, THE AMLC MAY PROMULGATE RULES ON THE SALE OF 
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FORFEITED ASSETS." 
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SEC. 10. A new subsection (e) is hereby added to Section 14 of the same Act to 
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read as follows: 
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"(e) IMPOSITION OF A DMINISTRA TlVE SANCTIONS. 
AFTER DUE 
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NOTICE AND HEARING, THE AMLC SHALL, AT ITS DISCRETION, IMPOSE 
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SANCTIONS, 
INCLUDING 
MONETARY 
PENALTIES, 
WARNING 
OR 
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REPRIMAND, 
UPON ANY COVERED INSTITUTION, ITS DIRECTORS, 
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OFFICERS, EMPLOYEES OR ANY OTHER PERSON FOR VIOLATIONS OF 
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THIS ACT, ITS IMPLEMENTING RULES AND REGULATIONS, OR FOR 
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FAILURE OR REFUSAL TO COMPLY WITH AMLC ORDERS, RESOLUTIONS 
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AND OTHER ISSUANCES. 
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SUCH MONETARY PENALTIES SHALL BE IN AMOUNTS AS MAY BE 
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DETERMINED BY THE COUNCIL TO BE APPROPRIATE, WHICH SHALL BE 
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NOT MORE THAN FIVE HUNDRED THOUSAND PESOS (PHP500,OOO.OO) 
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PER VIOLATION 
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' THE AMLC MAY PROMULGATE RULES ON FINES AND PENALTIES 
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TAKING INTO CONSIDERATION THE ATTENDANT CIRCUMSTANCES, SUCH 
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AS THE NATURE AND GRAVITY OF THE VIOLATION OR IRREGULARITY, 
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THE SIZE, FUNCTIONS AND RESOURCES OF THE COVERED INSTITUTION. 
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THE IMPOSITION OF THE ADMINISTRATIVE SANCTIONS SHALL BE 
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WITHOUT PREJUDICE TO THE FILING OF CRIMINAL CHARGES AGAINST 
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THE PERSONS RESPONSIBLE FOR THE VIOLATION." 
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SEC. 11. 
Separability Clause. -
If any provision of this Act is declared 
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unconstitutional, the same shall not affect the validity and effectivity of the other 
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provisions thereof. 
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SEC. 12. 
Repealing Clause. -- All laws, decrees, orders and issuances or 
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portion thereof which are inconsistent with the provisions of this Act are hereby repealed 
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or modified accordingly 
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SEC. 13. This Act shall take effect fifteen (15) days following its publication in at 
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least two (2) national newspapers of general circulation. 
S 
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Approved 
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