Bill Type
Congress Name
Long Title
AN ACT AMENDING REPUBLIC ACT NO. 9160, OTHERWISE KNOWN AS THE `ANTI-MONEY LAUNDERING ACT OF 2001'
Date filed
August 26, 2002
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 5168, 12th Congress of the Republic | |
| FULL TITLE : AN ACT AMENDING REPUBLIC ACT NO. 9160, OTHERWISE KNOWN AS THE `ANTI-MONEY LAUNDERING ACT OF 2001' | |
| ABSTRACT : Under this proposed measure, the Anti-Money Laundering Council is given the authority to inquire into or examine any particular deposit or investment with any banking institution or non-bank financial institution WITHOUT THE NEED TO ESTABLISH PROBABLE CAUSE that the deposit or invesment is related to a money laundering offense. All that us needed is to ESTABLISH A REASONABLE GROUND to believe that an unlawful activity or a money laundering offense or any violation of this Act is about to be, isbeing or has been committed. | |
| PRINCIPAL AUTHOR/S : DE VENECIA, JOSE JR. C. | |
| DATE FILED : 2002-08-26 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Lopez | 2. Crespo |
| 3. Lacson | 4. Barbers |
| 5. Javier | 6. Puentebella |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| MOTHER BILL: House Bill No. 5655, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2002-09-02 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON ECONOMIC AFFAIRS, JUSTICE |
Abstract
Under this proposed measure, the Anti-Money Laundering Council is given the authority to inquire into or examine any particular deposit or investment with any banking institution or non-bank financial institution WITHOUT THE NEED TO ESTABLISH PROBABLE CAUSE that the deposit or invesment is related to a money laundering offense. All that us needed is to ESTABLISH A REASONABLE GROUND to believe that an unlawful activity or a money laundering offense or any violation of this Act is about to be, isbeing or has been committed.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.