Republic of the Philippines
House of Representatives
Quezon City

FIFTEENTH CONGRESS

First Regular Session

commirtee neportno,__ 572

Submitted by the Committee on Banks and Financial Intermediaries on

Re: House Bill No.

Recommending its approval, in substitution of House Bill No. 698 and House Bill No. 3323

Sponsor: Representative Sergio A. F. Apostol

Mr. Speaker

The Committee on Banks and Financial intermediaries to which were referred House Bill No. 698,
introduced by Representatives Rufus B. Rodriguez and Maximo B. Rodriguez, Jr and House Bill No.
3323, introduced by Representative Roilo S. Golez, both entitled:

AN ACT

TO FURTHER STRENGTHEN THE ANTI-MONEY LAUNDERING LAW, AMENDING FOR THE
PURPOSE REPUBLIC ACT NO. 9160, OTHERWISE KNOWN AS THE “ANTF-MONEY LAUNDERING
ACT OF 2001”, AS AMENDED, AND FOR OTHER PURPOSES

has considered the same and recommends that the attached bill, entitle:

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

be approved in substitution of House Bill No. 698 and House Bill. No. 3323, with Representatives
Rufus 8. Rodriguez, Maximo B. Rodriguez Jr., Roilo S. Golez, and Sergio A. F. Apostol as authors
thereof.

Respectfully submitted,

SERGJO A. F-APOSTOL

‘The HONORABLE SPEAKER
HOUSE OF REPRESENTATIVES


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Republic of the Philippines

HOUSE OF REPRESENTATIVES

Quezon City, Metro Manila
FIFTEENTH CONGRESS.
First Regular Session

House Bill No. 427 5

(Substitute Bill to H.8. No, 698 and H.B. No. 3323, per Committee Report no. )

Introduced by Representatives Rufus B. Rodriguez, Maximo B. Rodriguez Jr., Roilo S. Golez, and
Sergio A. F. Apostol

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

Be it enacted by the Senate and House of Representatives of the Philippines in Congress
assembled:

SECTION 1, Section 3 (a) of Republic Act No. 9160, as amended, is hereby amended as
follows .
“(a) Covered institution OR INDIVIDUAL refers to:
(1) banks, quasi-banks, trust entities, FOREIGN EXCHANGE CORPORATIONS, MONEY
CHANGERS, MONEY PAYMENT, REMITTANCE AND TRANSFER COMPANIES AND OTHER

SIMILAR ENTITIES and all other institutions and their subsidi

5 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 onsultant,
(ii) mutual funds, close-end investment companies, common trust funds, and other similar
entities, and (ii) 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);

(4) CASINOS, INCLUDING INTERNET CASINOS;

(5) REAL ESTATE AGENTS;


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(6) DEALERS IN PRECIOUS METALS:

(7) DEALERS IN PRECIOUS STONES;

(8) TRUST AND COMPANY SERVICE PROVIDERS WHICH, AS A BUSINESS, PROVIDE ANY
OF THE FOLLOWING SERVICES TO THIRD PARTIES: (i) ACTING AS A FORMATION AGENT OF
JURIDICAL PERSONS; (ii) 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
SIMILAR POSITION IN RELATION TO OTHER JURIDICAL PERSONS; (ii) PROVIDING A REGISTERED
OFFICE, BUSINESS ADDRESS GR ACCOMMODATION, CORRESPONDENCE OR ADMINISTRATIVE
ADDRESS FOR A COMPANY, A PARTNERSHIP OR ANY OTHER JURIDICAL PERSON OR
ARRANGEMENT; {iv) ACTING AS (OR ARRANGING FOR ANOTHER PERSON TO ACT AS) A
TRUSTEE OF AN EXPRESS TRUST; AND (v} ACTING AS (OR ARRANGING FOR ANOTHER
PERSON TO ACT AS) A NOMINEE SHAREHOLDER FOR ANOTHER PERSON; AND

(9) PERSONS WHO PROVIDE ANY OF THE FOLLOWING SERVICES: (i) BUYING AND
SELLING OF REAL ESTATE; (ii) MANAGING OF CLIENT MONEY, SECURITIES OR OTHER ASSETS;
(iil) MANAGEMENT OF BANK, SAVINGS OR SECURITIES ACCOUNTS; (iv) ORGANIZATION OF
CONTRIBUTIONS FOR THE CREATION, OPERATION OR MANAGEMENT OF COMPANIES; AND (v)
CREATION, OPERATION OR MANAGEMENT OF JURIDICAL PERSONS OR ARRANGEMENTS, AND
BUYING AND SELLING BUSINESS ENTITIES.”
SEC. 2. Section 3 (i) of the same Act is hereby amended to read as follows:

“(i) Unlawful activity refers to any act or omission or series or combination thereof

involving or having direct relation to the following:

(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, £, G, H and | 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 254, 295, 296, 299,-300, 301 29 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; en


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(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;

(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 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;


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(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

ANTEFENCING LAW;

(28) [(24}] Fraudulent. practices and other violations under Republic Act No. 8799,
otherwise known as the Securities Regulation Code of 2000; AND
{29) {(453] Felonies or offenses of a similar nature that are punishable under the

Penal laws of other countries.”

SEC. 3. Section 4 of the same Act is hereby amended to read as follows:

“SEC. 4. Money Laundering Offense. - Money laundering is a crime whereby the proceeds of
an unlawful activity as herein defined are transacted, CONVERTED, TRANSFERRED, DISPOSED OF,
MOVED, ACQUIRED, POSSESSED, USED, CONCEALED OR DISGUISED[; thereby making-them-appearto

fa}iny person-knowing that any monetary instrument or property represents, involves; o-rrebates
tothe proceeds of any-unlawfubactivity, transacts-or attempts-to transact said- monetary instrument or

property: a
(b} Any person knowing that any monetary instrument or property involves the proceeds-of any
awful activity, perlorsns-o falls to-pertormany act aso-result of which he faciitates-theoffense-of

money-laundering referredto-in-paragraph{a}above:
*  {eLAny person knowing that-ony- monetary instrument or propertiis required-under this Aet-to-be
IT IS COMMITTED BY ANY PERSON WHO, KNOWING OR HAS REASON TO BELIEVE THAT ANY
MONETARY INSTRUMENT OR PROPERTY REPRESENTS, INVOLVES, OR RELATES.TO THE PROCEEDS OF
ANY UNLAWFUL ACTIVITY:
(a) TRANSACTS OR ATTEMPTS TO TRANSACT SAID MONETARY INSTRUMENT OR PROPERTY;
{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 CONCEAL OR DISGUISE THE TRUE NATURE,
SOURCE, LOCATION, DISPOSITION, MOVEMENT OR OWNERSHIP OF OR RIGHTS WITH RESPECT TO
SAID MONETARY INSTRUMENT OR PROPERTY; AND


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{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.

MONEY LAUNDERING IS ALSO COMMITTED BY ANY PERSON WHO, KNOWING THAT ANY
MONETARY INSTRUMENT OR PROPERTY IS REQUIRED UNDER THIS ACT TO BE DISCLOSED AND FILED
WITH THE ANTI-MONEY LAUNDERING COUNCIL (AMLC), FAILS TO DO SO.

SEC. 4. Section 7 of the same Act is hereby amended to read as follows:

“SEC. 7. Creation of Anti-Money Laundering Council (AMLC). -The Anti-Money Laundering
Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng
Pilipinas as Chairman, the Commissioner of the insurance Commission and the Chairman of the
Securities and Exchange Commission as Members. The AMLC shall act unanimously in the discharge
of its functions as defined hereunder:

700%

(6) to apply before the Court of Appeals, ex parte, for the freezing of any monetary
instrument or property alleged to be [the-proceeds-of] RELATED IN ANY WAY TO any unlawful
activity as defined in Section 3(i) hereof;

Xxx”

SEC. 5. Section 9 (c) paragraphs 1 and 4 of the same Act are hereby amended to read as
follows:

“SEC. 9. Prevention of Money Laundering; Customer identification Requirements and Record
Keeping. -

(a) xxx

{b) x x x

(c) Reporting of Covered and Suspicious Transactions. - Covered institutions shall report to
the AMLC all covered transactions and suspicious transactions within five (5) working days from
occurrence thereof, unless the AMLC prescribes 2 {lenger] DIFFERENT period not exceeding ten-{40)
FIFTEEN (15) working days.

0K

200

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 [was-made] HAS BEEN REPORTED OR IS ABOUT TO BE REPORTED, the contents [thereof]
OF THE REPORT, or any other information in relation thereto. x x x.”

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 2 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 PARAGRAPH, THE AMLC MAY ISSUE
A FREEZE ORDER, WHICH SHALL BE EFFECTIVE IMMEDIATELY, TO IMPLEMENT BINDING
CONVENTIONS, DIRECTIVES, OR RESOLUTIONS OF THE UNITED NATIONS (UN), THE UN SECURITY
COUNCIL AND OTHER RELEVANT UN OFFICES AND COMMITTEES, AGAINST TERRORISM OR
TERRORIST FINANCING. THE FREEZE ORDER SHALL BE EFFECTIVE UNTIL THE BASIS FOR THE
ISSUANCE THEREOF SHALL HAVE BEEN LIFTED. DURING THE EFFECTIVITY OF THE FREEZE ORDER, AN
AGGRIEVED PARTY MAY, WITHIN THIRTY (30) DAYS FROM ISSUANCE, FILE WITH THE COURT OF
APPEALS A PETITION TO DETERMINE THE BASIS OF THE FREEZE ORDER.”

SEC. 7. Section 11 of the same Act is hereby amended to read as follows:

“SEC. 11. Authority to Inquire into Bank Deposits. - Notwithstanding the provisions of
Republic Act No. 1405, as amended, Republic Act No. 6426, as amended, Republic Act No. 8791,
and other laws, the, AMLC may inquire into or examine any particular deposit or investment,
including related web of 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 WEB OF ACCOUNTS involved are related to an unlawful activity as defined in
Sections 3(i). hereof or a money laundering offense under Section 4 hereof; except that no court

defined in Section 3 (i)(1),(2), [and] (12),

order shall be required in cases involving unlawful activi
(13) AND (14) HEREOF.

To ensure compliance with this Act, the Bangko Sentral ng Pilipinas (BSP) may inquire into
or examine any deposit or investment INCLUDING RELATED WEB OF ACCOUNTS with any banking
institution or non-bank financial institution when the examination is made in the course of a
periodic or special examination, in accordance with the rules of examination of the BSP.”

SEC. 8. Section 12 of the same Act is hereby amended to read as follows:

“(a) Civil Forfeiture. —)When-there is 2 covered transaction report made, andthe courthas ina

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 COURT ON CIVIL FORFEITURE SHALL APPLY.’

(b) Claim on Forfeited Assets. ~ Where the court has issued an order of forfeiture of the
monetary instrument or property in a criminal prosecution for any money laundering offense
defined under Section 4 of this Act, the offender or any other person claiming an interest therein
may apply, by verified petition, for a declaration that the same legitimately belongs to him and for
segregation or exclusion of the monetary instrument or property corresponding thereto, The
verified petition shall be filed with the court which rendered the judgment of conviction and order
of forfeiture, within fifteen (15) days from the date of the order of forfeiture, in default of which
the said order shall become final and executory. This provision shall apply in both civil and
criminal forfeiture.

(c] Payment in Liew of Forfeiture. — Where the court has issued an order of forfeiture of the
monetary instrument or property subject of a money laundering offense defined under Section 4,
and said order cannot be enforced because any particular monetary instrument or property cannot,
with due diligence, be located, or it has been substantially altered, destroyed, diminished in value

or otherwise rendered worthless by any act or omission, directly ori

rectly, attributable to the

offender, or it has been concealed, removed, converted or otherwise transferred to prevent the

same from being found or to avoid forfeiture thereof, or it is located outside the Philippines or has

been placed or brought outside the jurisdiction of the court, or it has been commingled with other
monetary instruments or property belonging to either the offender himself or a third person or

entity, thereby rendering the same difficult to identify or be segregated for purposes of forfeiture,

the court may, instead of enforcing the order of forfeiture of the monetary instrument or property

or part thereof or interest therein, accordingly ofder the convicted offender to pay an amount equal to the
value of said monetary instrument or property. This provision shall apply in both civil

and criminal forfeiture,

(d) DISPOSITION OF FORFEITED ASSETS AND RETENTION. AFTER DEDUCTING COST OF
LITIGATION, SEVENTY-FIVE PERCENT (75%) OF THE NET PROCEEDS OF THE FORFEITED ASSETS OR
PROCEEDS THEREFROM SHALL BE TURNED OVER TO THE NATIONAL TREASURY AND THE REMAINING
TWENTY-FIVE PERCENT (25%) SHALL BE RETAINED BY THE AMLC TO AUGMENT THE APPROPRIATION
FOR ITS OPERATIONS AND MAINTENANCE IN THE GENERAL APPROPRIATIONS ACT. FOR THIS
PURPOSE, THE AMLC MAY PROMULGATE RULES ON THE SALE OF FORFEITED ASSETS.”

SEC. 9. A new subsection (e) is hereby added to Section 14 of the same Act to read as

follows:


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“(e) IMPOSITION OF ADMINISTRATIVE SANCTIONS. AFTER DUE NOTICE AND HEARING, THE
AMILC SHALL, AT ITS DISCRETION, IMPOSE SANCTIONS, INCLUDING MONETARY PENALTIES, WARNING
OR REPRIMAND, UPON ANY COVERED INSTITUTION, ITS DIRECTORS, OFFICERS, EMPLOYEES OR ANY
OTHER PERSON FOR VIOLATIONS OF THIS ACT, ITS IMPLEMENTING RULES AND REGULATIONS, OR
FOR FAILURE OR REFUSAL TO COMPLY WITH AMC ORDERS, RESOLUTIONS AND OTHER ISSUANCES.
SUCH MONETARY PENALTIES SHALL BE IN AMOUNTS AS MAY BE DETERMINED BY THE COUNCIL TO
BE APPROPRIATE, WHICH SHALL BE NOT MORE THAN FIVE HUNDRED THOUSAND PESOS
(PHPS00,000.00) PER VIOLATION. THE AMLC MAY PROMULGATE RULES ON FINES AND PENALTIES
TAKING INTO CONSIDERATION THE ATTENDANT CIRCUMSTANCES, SUCH AS THE NATURE AND
GRAVITY OF THE VIOLATION OR IRREGULARITY, THE SIZE, FUNCTIONS AND RESOURCES OF THE
COVERED INSTITUTION. THE IMPOSITION OF THE ADMINISTRATIVE SANCTIONS SHALL BE WITHOUT
PREJUDICE TO THE FILING OF CRIMINAL CHARGES AGAINST THE PERSONS RESPONSIBLE FOR THE
VIOLATION.”

SEC. 10. Separability Clause. ~ if any provision of this Act is declared unconstitutional, the
same shall not affect the validity and effectivity of the other provisions thereof.

SEC. 11. Repealing Clause. ~All laws, decrees, orders and issuances or portion thereof which
are inconsistent with the provisions of this Act are hereby repealed or modified accordingly.

SEC, 12. Effectivity. ~ This Act shall take effect fifteen (15) days following its publication in
at least two (2) national newspapers of general circulation.

Approved,

roui0223


FACT SHEET

House Bill No. 4275

(Substitute bill to HB. No. 698 and 3323)
AMENDMENTS TO THE ANTI-MONEY LAUNDERING LAW
Introduced by: REPRESENTATIVES RUFUS B, RODRIGUEZ, MAXIMO B. RODRIGUEZ JR.,
ROILO S. GOLEZ AND SERGIO A. F. APOSTOL
Committee Referral: COMMITTEE ON BANKS & FINANCIAL INTERMEDIARIES
Chairperson: REPRESENTATIVE SERGIO A, F, APOSTOL
OBJECTIVE

To further strengthen the anti-money laundering law by making it compliant with
International anti-money laundering/ counter-terrorist financing standards.

KEY PROVISIONS

a, Revises the definition of money laundering to include conversion, transfer,
disposition, movement, acquisition, possession, use, concealment or disguise of the
proceeds of any unlawful activity;

b. Expands the list of reporting financial institutions;

©. Includes the following non-financial businesses and professions in the list of
reporting institutions: casinos; real state agents; dealers in precious metals; dealers
in precious stones; and trust company service providers;

d, Provides for additional unlawful activities to money laundering: terrorism and terrorist
financing, trafficking in human beings, sexual exploitation of children, corruption and
bribery, forgery and environmental crime;

e. Allows bank inquiry ex parte;

f. Allows AMLC to retain 25% of net proceeds of the forfeited assets; and

g. Imposes administrative fines and penalties on erring covered institutions.

RELATED LAWS

a. Republic Act No. 9160
b. Republic Act No. 9194