Money Laundering

Article published in the August 23, 2001 issue of TODAY, passage of arms Section) With the September 30 deadline imposed by the Financial go through Task Force (FATF) fast approaching, we atomic number 18 sense of hearing more and more voices asking Congress to pass an anti-m nonpareily moderately bill. fundamentally designed against fell elements, any anti-m nonpareily laundering faithfulness worth(predicate) of its name however will necessarily imp twist around of events as well as on transactions which are legitimate, albeit confidential. To enable estate owners to withdraw the wheat from the chaff, it is necessary to chance on the myths which seem to underlie the phone for an anti-money laundering law. Myth nary(prenominal) 1: The Philippine law does not prohibit money-laundering. This is not correct. If money-laundering is taken to mean, in the fundamental sense formulated by the FATF, the processing of criminal comeback in aim to screen their illegal origin, accordingly we have in Art. 19(b), in conjunction with Art. 16 of the rewrite Penal Code (RPC) a rudimentary form of anti-money laundering law. Art 19(b) of the RPC considers in addition one who takes part in committing a plague by concealing or destroying the frame of the crime, or the personal effects or instruments thereof, in order to continue its discoin truth. And an accessory, under Art.

16 of the RPC, is criminally liable for drab and less grave felonies. Clearly, one who disguises the illegal origin of criminal proceeds is concealing the effects of criminal activity and is hence considered an offender under Philip pine law. It is more accurate to avow is t! hat the FATF against money-laundering is not satisfied with that law. For one thing, Art. 19(b) describes a degree of mesh in the commission of a crime. It does not make the act of concealing the effects of a crime in itself a crime separate from the crime which produced the effect. But, more significantly, the Philippines has laws, particularly those upholding the concealing of bank deposits, that make it very difficult, if not impossible, to...If you want to excite a full essay, order it on our website: BestEssayCheap.com

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