SyCipLaw has contributed the Philippine section of the Thomson Reuters Country Update on Anti-Money Laundering (AML). The chapter was authored by Partners Bhong Paulo A. Macasaet and Ma. Patricia B. Paz-Jacoba, with assistance from Associates Alyanna A. Shi and Aaliyah T. Ybañez.
The country update provides an overview of the Philippine legal and regulatory framework for addressing money laundering activities, including the application of key provisions of the Anti-Money Laundering Act of 2001. It also discusses the covered persons subject to reporting obligations and outlines the functions and powers of the Anti-Money Laundering Council, including investigating suspicious transactions, conducting inquiries into bank deposits and investments, pursuing civil forfeiture, preserving and disposing assets, and imposing administrative sanctions and penalties.
Read the full guide here. Reproduced with permission from Thomson Reuters.