Money laundering , in its simplest term, is an act of transacting the proceeds of an unlawful activity to make them appear as if they originated from legitimate sources. The Anti-Money Laundering Law of 2001 or Republic Act 9160 (RA9160), enacted on September 29, 2001, now holds person engaging in money laundering or any act which facilitate the same criminally liable.
Under said law, banks, non-banks, quasi-banks, trust entities, insurance companies, securities dealers, brokers, salesman, investment houses and such other similar entities have the duty to establish and record the true identity of their clients based on official documents. They are likewise required to report to the Anti-Money Laundering Council (AMLC) any single, series or combination of transactions involvong total amount in excess of P4,000,000.00 or an equivalent amount in foreign currency, within five (5) working days from the transaction by a client who is not properly identified and whose business or financial capacity does not support the amount involved, or which has no obligation, credible purpose, origin or economic justification. Failure of such entities to comply with their duties under RA 9160 makes the concerned officer, employees, representative, agent or associate thereof criminally liable.
The AMLC. composed of Banko Sentral ng Pilipinas Governor, Securities and Exchange Commission Chairman and Insurance Commissioner, is vested with the power to initiate investigation of any activities in violation of RA 9160 and to cause the filling of the appropriate complaint with the Department of Justice. It also has the power to institute civil forfeiture proceeding againts or freeze any monetary instrument or property that is alleged to be the proceed of an unlawful activity.
Administrative Correction of Civil Register Entries now possible
Under RA 9048, clerical or topographical errors or change of the first name or nickname may now be administratively effected by local (municipal or city) civil registrar upon the filling of a verified petition by any person having direct and personal in the correction sought. In case of Filipino citizens residing in foreign countries, the petition maybe filed with the nearest Philippine Consulate. Thus, changes of name and corrections of entries in the civil register no longer require the filing of a petition in court. The Civil Registrar General has the final word on actions of the civil registrar.
The new law also shortened the publication requirement to a least once a week from the three (3) successive weeks previously required under the Rules of Court. Furthermore, the petiotioner is required to submit a certification from the appropriate law enforcement agencies (National Bureau of Investigation, Philippine National Police) that he has no pending case or criminal record.