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.
The Act contains 23 sections, as follows:
- Short Title
- Declaration of Policy
- Money Laundering Offense
- Jurisdiction of Money Laundering Cases
- Prosecution of Money Laundering
- Creation of Anti-Money Laundering Council (AMLC)
- Creation of a Secretariat
- Prevention of Money Laundering; Customer Identification Requirements and Record Keeping
- Authority to Freeze
- Authority to Inquire into Bank Deposits
- Forfeiture Provisions.
- Mutual Assistance among States
- Penal Provisions
- System of Incentives and Rewards.
- Prohibitions Against Political Harassment
- Implementing Rules and Regulations
- Congressional Oversight Committee
- Appropriations Clause
- Separability Clause
- Repealing Clause
Philippines-Anti-Money Laundering Act-2001-eng (full text in English, PDF)
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