(96) manipulate the price of securities by making false or misleading statements about material facts that he knew or had reason to believe to be false and misleading in order to encourage the purchase or sale of a listed or publicly traded security; Rule 9.a.5. Minimum information/documents required for companies and legal entities. – Before establishing business relationships, the covered establishments shall endeavour to ensure that the client is a legal or legal person that has not been or will not be dissolved, liquidated or declared null and void, or that its activity or operations have not been closed, closed or closed. expire or end. Letter box companies and companies, which are legal entities that do not have independent commercial substance but through which financial transactions can be carried out, should be treated with extreme caution. The following minimum information/documents must be obtained from customers who are legal or legal persons, including letterbox companies and companies that do not have an independent commercial substance but through which financial transactions can be processed: Not all acts of money laundering are illegal. It is only illegal if the proceeds are derived from offences that legally fall under the term “illegal activity”. These include kidnapping for ransom, drug trafficking and related offences, bribery and corruption, looting, bribery, embezzlement, car theft, robbery and extortion, jueteng and masiao, piracy, robbery, fraud, smuggling, violations of the Electronic Commerce Act 2000, kidnapping, destructive arson, violations of the Securities Regulatory Code, terrorism within the meaning of Republic Act 9372, terrorist financing, and others. Offences under the Financing of Terrorism Act 2012 and other offences under special laws. In other words, money from certain crimes is portrayed as “clean money,” disguising its true nature as the product of “illegal activity.” Example: Money laundering occurs when a ransom is deposited with a bank.
Abduction is a crime; Laundering your products (ransom) by depositing them with a bank is another crime. (97) Manipulation of securities prices through transactions alone or with others to buy and/or sell exchange-traded securities in order to fix, establish or stabilize the price of such securities, unless otherwise authorized by the Securities Regulation Code or SEC rules; Notably, casinos are not part of the media coverage, but money from illegal sources can be used to buy casino chips and use them for gambling. Players can request that their winnings be paid in cheques to be deposited as legal money at any bank. `1. there is no legal or commercial economic obligation, purpose or justification; Article 17.d Training of personnel. – The establishments concerned must provide all employees and collaborators responsible with effective and efficient training and development programmes so that they can fully comply with all their obligations under the AMLA, as amended from time to time, and this Regulation. Rule 18.b. Fees and expenses.
– The budget shall reimburse compensation for legal costs and expenses reasonably incurred by the services of external legal advisers in connection with civil, criminal or administrative actions, actions or proceedings in which AML members and the Executive Director, as well as other members of the secretariat, may be involved as a result of the performance of their duties or duties. Costs and expenses incurred in defending against the above action, action or proceeding may be paid by AMLC prior to the final decision on such suit, action or proceeding upon receipt of an obligation by the Member or on behalf of the Member to refund the amount advanced if it is finally established that the Member is not entitled to such compensation. Rule 3.b.1. “Beneficial Owner” means a person who ultimately owns or controls the Account and/or the person on whose behalf a Transaction is made. This includes persons who ultimately exercise effective control over a legal person or agreement. (36) Estafa in the case of breach of trust or breach of trust by embezzlement or transformation of money, property or other personal property received by the offender in trust or in the name or for the administration or by virtue of any other obligation involving the obligation to deliver or return them, even if this obligation is guaranteed in whole or in part by a guarantee; or denying having received such funds, property or other property; Three steps. Money laundering is usually a three-step process. First, criminals introduce illicit funds into the financial system to shield them from any association with illegal activity. This is called placement. In the third stage, called integration, criminals can openly profit from the money, as its illegal origin is now hidden. Laundered funds can now be integrated into the legitimate economy through the purchase of real estate, stocks and other investments. (3) Any account or financial instrument the funds of which are transferred to the accounts, financial instruments or assets subject to the freezing order without any legal or commercial economic obligation, purpose or justification; Some of the ways to do this are to divide large amounts of money into smaller amounts that are deposited into a bank account, or by buying checks and money orders with illegal money, which are then deposited.
63. the unauthorized distribution of copyrighted material, electronic signatures or copyrighted works, including legally protected phonograms or phonograms, or information material on protected works, through the use of telecommunications networks, such as: the Internet, in a manner that infringes intellectual property rights; (6) Jueteng and Masiao punished as illegal gambling under Presidential Decree No. 1602; Rule 9.b.4. Maintain records when a case of money laundering, civil forfeiture or underlying illegal activity has been filed in court. – Where a case of money laundering, civil confiscation or underlying illegal activity based on or related to a record kept by the institution concerned has been brought before a court, such records shall be kept and kept in a secure place beyond the period specified in the three (3) immediately preceding sub-rules until it is confirmed: that the case has been resolved. be definitively decided or terminated by the court. (22) the plundering, by illegal or fraudulent transfer or disposal, of assets belonging to the national government or any of its subdivisions, agencies, instruments or enterprises, public or controlled or their subsidiaries; (41) Estafa by backdating a cheque or issuing a cheque to pay an obligation if the offender has no funds in the bank or if the funds deposited there were insufficient to cover the amount of the cheque; (91) manipulation of the price of securities by creating a false or misleading appearance of active trading in listed securities traded on a stock exchange or other trading market; Even amounts of P 500,000 and under must be reported to the AMLC if there are circumstances that qualify them as “suspicious” transactions.