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M4 Powers and Functions of The AMLC

The document outlines the powers and functions of the AMLC, which include requiring covered transaction reports, investigating suspicious transactions, applying for freezing of monetary assets believed to be proceeds of unlawful activity, and imposing administrative sanctions for violations of anti-money laundering laws. It also provides examples of suspicious transactions that could indicate money laundering such as transactions without valid purpose or commensurate with the client's means.

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392 views9 pages

M4 Powers and Functions of The AMLC

The document outlines the powers and functions of the AMLC, which include requiring covered transaction reports, investigating suspicious transactions, applying for freezing of monetary assets believed to be proceeds of unlawful activity, and imposing administrative sanctions for violations of anti-money laundering laws. It also provides examples of suspicious transactions that could indicate money laundering such as transactions without valid purpose or commensurate with the client's means.

Uploaded by

julia4razo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Powers and

Functions of the
AMLC
1. to require and receive covered transaction reports
from covered institutions;

2. to issue orders addressed to the appropriate


Supervising Authority or the covered institution to
determine the true identity of the owner of any
monetary instrument or property subject of a covered
transaction report or request for assistance from a
foreign State, or believed by the Council, on the basis
of substantial evidence, to be, in whole or in part,
wherever located, representing, involving, or related
to, directly or indirectly, in any manner or by any
means, the proceeds of an unlawful activity;
3. to institute civil forfeiture proceedings and all
other remedial proceedings through the Office of
the Solicitor General;

4. to cause the filing of complaints with the


Department of Justice or the Ombudsman for the
prosecution of money laundering offenses;

5. to investigate suspicious transactions and


covered transactions deemed suspicious after an
investigation by AMLC, money laundering
activities and other violations of this Act;
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 any
unlawful activity;

7. to implement such measures as may be


necessary and justified to counteract money
laundering;

8. to receive and take action in respect of, any


request from foreign states for assistance in their
own anti-money laundering operations provided in
this Act;
9. to develop educational programs on the pernicious
effects of money laundering, the methods and techniques
used in the money laundering, the viable means of
preventing money laundering and the effective ways of
prosecuting and punishing offenders;cralaw

10. to enlist the assistance of any branch, department,


bureau, office, agency, or instrumentality of the
government, including government-owned and -controlled
corporations, in undertaking any and all anti-money
laundering operations, which may include the use of its
personnel, facilities and resources for the more resolute
prevention, detection, and investigation of money
laundering offenses and prosecution of offenders; and
11. to impose administrative sanctions for the
violation of laws, rules, regulations, and orders and
resolutions issued pursuant thereto.
Suspicious Transactions
there is no underlying legal or trade
obligation, purpose or economic
justification;

 the client is not properly identified;


the amount involved is not commensurate
with the business or financial capacity of
the client;
taking into account all known
circumstances, it may be perceived that the
client's transaction is structured in order to
avoid being the subject of reporting
requirements under the Act;
 any circumstances relating to the
transaction which is observed to deviate
from the profile of the client and/or the
client's past transactions with the covered
institution;
the transactions is in a way related to an
unlawful activity or offense under this Act
that is about to be, is being or has been
committed; or

any transactions similar or analogous to


any of the foregoing.

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