Published — April 9, 2021
The following post does not create a lawyer-client relationship between Alburo Alburo and Associates Law Offices (or any of its lawyers) and the reader. It is still best for you to engage the services of your own lawyer to address your legal concerns, if any.
Also, the matters contained in the following were written in accordance with the law, rules, and jurisprudence prevailing at the time of writing and posting, and do not include any future developments on the subject matter under discussion.
Read also: PROSECUTION OF MONEY LAUNDERING
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Anti-Money Laundering Council (AMLC) may inquire into or examine any particular deposit or investment with any banking institution or non-bank financial.
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The Anti-Money Laundering Council must have an order from a competent court before it can inquire into or examine any particular deposit or investment with any banking institution or non-bank financial court in cases of violation of Anti-Money Laundering Act.
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Anti-Money Laundering Council’s (AMLC) inquiry into or examination of any particular deposit or investment does not violate the provisions of Republic Act No. 1405 (The Bank Secrecy Law), as amended; Republic Act No. 6426 (Foreign Currency Deposit Act of the Philippines), as amended; and Republic Act No. 8791 (The General Banking Law of 2000).
The AMLC may inquire into or examine any particular deposit or investment with any banking institution or non-bank financial institution upon order of any competent court in cases of violation of the Anti-Money Laundering Act.
The law says:
Notwithstanding the provisions of Republic Act No. 1405 (The Bank Secrecy Law), as amended; Republic Act No. 6426 (Foreign Currency Deposit Act of the Philippines), as amended; Republic Act No. 8791 (The General Banking Law of 2000), and other laws, the AMLC may inquire into or examine any particular deposit or investment with any banking institution or non-bank financial institution upon order of any competent court in cases of violation of Anti-Money Laundering Act when it has been established that there is probable cause that the deposits or investments involved are in any way related to a money laundering offense.
The authority to inquire into or examine the main account and the related accounts shall comply with the requirements of Article III, Sections 2 and 3 of the 1987 Constitution, which are hereby incorporated by reference.
Article III – Bill of Rights provides:
Section 2. The right of the people to be secure in their persons, houses, papers, and effects against unreasonable searches and seizures of whatever nature and for any purpose shall be inviolable, and no search warrant or warrant of arrest shall issue except upon probable cause to be determined personally by the judge after examination under oath or affirmation of the complainant and the witnesses he may produce, and particularly describing the place to be searched and the persons or things to be seized.
Section 3. (1) The privacy of communication and correspondence shall be inviolable except upon lawful order of the court, or when public safety or order requires otherwise, as prescribed by law.
(2) Any evidence obtained in violation of this or the preceding section shall be inadmissible for any purpose in any proceeding.
Thus, AMLC may inquire into or examine any particular deposit or investment with any banking institution or non-bank financial. However, it must have an order from a competent court before it can proceed to such inquiry or examination.
Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/0917-5772207.
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