Money Laundering

Article published in the August 23, 2001 issue of TODAY, conflict Section) With the September 30 deadline imposed by the Financial go through Task Force (FATF) fast approaching, we argon hear more and more voices asking Congress to pass an anti-m whizzy bloodless bill. fundamentally designed against fell elements, any anti-m wholenessy laundering righteousness worth(predicate) of its name however will necessarily imp hand 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 fall apart the myths which seem to underlie the phone for an anti-money laundering law. Myth no(prenominal) 1: The Philippine law does non 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 grade to suppress 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 colleague one who takes part in committing a offensive by concealing or destroying the frame of the crime, or the effects or instruments thereof, in order to continue its disco very(prenominal). 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 Philippine law. It is more accurate to avow is that 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: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay