SEC. 7. Creation of Anti-Money Laundering Council (AMLC). — The Anti-Money Laundering Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng Pilipinas as chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members. (Republic Act No. 9160)

These crimes hold significance as they serve as the origin of the funds subjected to money laundering. They are termed “predicate offenses” because they represent the initial, smaller-scale crimes that lay the foundation for more significant illicit activities.

These government agencies shall have the authority to require their respective supervised financial service providers and their third-party agents/service providers to submit reports or documents, as needed. (Section 5, Financial Products and Services Consumer Protection Act)

The Financial Products and Services Consumer Protection Act (Republic Act No. 11765) seeks to ensure that appropriate mechanisms are in place to protect the interest of the consumers of financial products and services under the conditions of transparency, fair and sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes, which are aligned with global best practices.

A One-Person Corporation is a corporation with a single stockholder. (Section 116, Revised Corporation Code)

A sole proprietorship is a form of business organization with only one proprietary owner, a single individual who conducts business under his own name or a business name. (p.3, Commentaries and Jurisprudence on the Revised Corporation Code of the Philippines, Aquino, 2020)

In Philippine jurisprudence, a certificate of stock is not a negotiable instrument. “Although it is sometime regarded as quasi-negotiable, in the sense that it may be transferred by endorsement, coupled with delivery, it is well-settled that it is non-negotiable, because the holder thereof takes it without prejudice to such rights or defenses as the registered owners or transferor’s creditor may have under the law, except insofar as such rights or defenses are subject to the limitations imposed by the principles governing estoppel.

As a rule, all stockholders have the right to inspect the corporate books and records, and in so doing has not required any specific amount of interest for the exercise of the right to inspect.

Only a natural person of legal age, trust or an estate may form a One Person Corporation (OPC). (Section 116, Revised Corporation Code)

In order to secure a license to transact business in the Philippines, the foreign corporation must submit to the Securities and Exchange Commission, its application, articles of incorporation, by-laws and their translation to official language of the Philippines.