Preview

The Anti-Money Laundering Act

Good Essays
Open Document
Open Document
1099 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
The Anti-Money Laundering Act
Running head: Making Money Transition Lawfully

Making money transition lawfully through Anti- Money Laundering Act

Does the issue about the Republic Act No. 9160 ring a bell? Well, if the people followed the former CJ Corona impeachment trial case not very long time ago, then those small terms will not be new to the people’s ears. As a matter of fact, Corona was found guilty. However, not everyone is familiar with this certain Act as not all Filipinos followed the trial closely.

The Senate convened as an impeachment trial as democratic discipline. What we're witnessing is People Power expressed in the institutional, yes, constitutional way. There is a time for citizens taking to the streets to demand reforms in government. There is also a time for citizens entrusting to democratic institutions the task of making government work the way it should.

Republic Act No. 9160: An Act Defining the Crime of Money Laundering, Providing Penalties therefore and for Other Purpose; in short term, Money Laundering Act.

So for those who are not well acquainted with these words, Section 4 of this Republic Act gives a good definition. According to it, “Money laundering is a crime whereby the proceeds of an unlawful activity are transacted; thereby making they appear to have originated from legitimate sources”.

The people punishable by this Act are also stated at Section 4. It includes people, who transacts, or even attempts to do so, any monetary instrument or property from any unlawful activity. Even the people who fail to perform any act transaction are also punishable. Lastly, people who fail to disclose any monetary instrument or property are also included. So simply speaking, people punishable by this Act are not only confined to politicians.

Now that an overview of the Act is given, why does it matter? What is the relation of this topic to Accountancy? Read further and these questions shall be answered.

Money

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Fasb System Orientation

    • 740 Words
    • 3 Pages

    The purpose of this paper is to determine why the Financial Accounting Standard Board (FASB) set-up the codification of Generally Accepted Accounting Principles (GAAP). In the following paragraphs the purpose and reason are defined. The break-down of the nine main areas are described with a break-down of each area. An accounting professional will use these areas many times in his or her career, so the knowledge offered is important.…

    • 740 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    BUSI 303 Exam 1

    • 1033 Words
    • 12 Pages

    The Foreign Corrupt Practices Act of 1977 makes it illegal to influence foreign officials through personal payment.…

    • 1033 Words
    • 12 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Crooks is isolated because of color and his disability. He is physically divided from his fellow co workers and lives in a separate bunkhouse. His loneliness forces him to acquiesce when Lennie tries to make a decent conversation with him. But when Lennie fills Crooks in about the dream farm place, all he does is laughs. It could be because he saw too many men say that but they end up working for someone or just simply ended up in ditch. Crooks is understandably cynical and shows apprehension about how others treat him in return. He cannot see beyond the preconception he has always encountered in the past. Ways that Crooks copes with his seclusion is by reading books. The other guys can't read but he can which gives him a huge advantage of…

    • 302 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    It is important to the account profession because companies were required to have met certain conditions or face the consequences. The Act requires all public companies to create an audit committee, which will be part of the board of directors, and will need to include at least one accountant or someone who is “financially literate” and knows what he/she is doing at all times. It also requires public companies to hire outside firms to perform their financial audits on an annual basis, no company can use the same firm for more than five years at a time, allowing a different set of eyes to look at their financial statements and taking away the risk of fraud.…

    • 980 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Department of Justice

    • 350 Words
    • 2 Pages

    There seems to be relevant laws and regulations such as Foreign Corrupt Practices Act and Travel Act. The Foreign Corrupt Practices Act made it unlawful to bribe officials. It was passed in 1977.…

    • 350 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Kreme

    • 1370 Words
    • 5 Pages

    Yes he is guilty of money laundering because he took the proceeds of a criminal act and used the money to promote the crime of his poker machines.…

    • 1370 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Which of the following is true about the terms “data” and “information” within the context of Chapter 1?…

    • 3129 Words
    • 27 Pages
    Powerful Essays
  • Good Essays

    The issue is bribery in the International community and why is it illegal and unethical. Before 1977 some countries had less stricter sanctions on bribery depending on the country and the violation, the United States government made the choice for businesses getting the Department of Justice involved. The Act of 1977 prohibited U.S. nationals and U.S. corporations from making payments to foreign officials for the purpose of obtaining or retaining business.…

    • 701 Words
    • 3 Pages
    Good Essays
  • Good Essays

    2. Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and Related Documents, 2011,…

    • 995 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Money laundering is the process by which someone exploits income, conceals it and makes it appear legal. People generally launder money for personal and financial gain generally without leaving incriminating evidence nor traces of the funds behind. Criminals often seek out sources and opportunities in order to launder funds with limited to no detection. For example, a criminals can now wire funds from one account to another by using his personal computer or smart phone. The advancement of technology has allowed law enforcement personnel to ping IP Addresses in order to identify criminals but this source is very limited. Officers can identify, catalog and monitor complaints from victims in order to develop trends which can generate suspect profiles…

    • 250 Words
    • 1 Page
    Good Essays
  • Satisfactory Essays

    Rational Bad Behavior

    • 404 Words
    • 2 Pages

    People are always clever enough to find leaks in the law and find a way to do investment. It may be legal, but against moral. People always criticize and condemn this kinds of behaviors. However, they are seemed legal and government cannot punish them. What can government do is issue a caution to them and made corrections on the leaks. It is positive way to correct the mistakes and it has been using for many years until now. Cannot be denied, there are many defects on the law need officer to correct them, but people should not utilize these kinds of leaks to get their person purpose and betray their morality.…

    • 404 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    In today's high tech digital age, it has become increasingly more difficult for lawbreakers to conceal their illegally obtained funds through criminal business practices. Criminals are being forced to hide their money from government institutions to avoid taxation and investigations into their shady dealings. One way criminals go about hiding this ill gotten cash is to launder their money through banks, brokerage houses, investment firms and many other financial businesses to make it appear as if the money is clean and obtained legally. Money laundering is a method used by criminals to conceal their income obtained from criminal activities such as drug trafficking and organized crime. This process allows criminals to effectively legitimize…

    • 1329 Words
    • 6 Pages
    Better Essays
  • Better Essays

    Bribery – the Dilemma

    • 1704 Words
    • 7 Pages

    Cavico, F. J., & Mujtaba, B. G. (2010). Baksheesh or Bribe: Payments to Government Officials and the Foreign Corrupt Practices Act. Retrieved 05 26, 2012, from Journal of Business Studies Quarterly: jbsq.org…

    • 1704 Words
    • 7 Pages
    Better Essays
  • Powerful Essays

    Criminal activities, drug trafficking, smuggling, bribing and so on, can be highly profitable. Money generated by illegal activities must be made to look legitimate before it can be freely spent. Otherwise, it may be forfeited by the government. Money laundering is a process that takes illegally obtained or dirty money and puts it through a cycle of transactions or through various accounts in one bank or between banks. The cycling of the money makes the money appear to be from legitimate sources and the money cannot be traced back to its illegitimate source. Hiding legitimately acquired money to avoid taxation also qualifies as money laundering. In 2005, China Anti-Money Laundering…

    • 2793 Words
    • 12 Pages
    Powerful Essays
  • Powerful Essays

    Aat Icas Guide

    • 16179 Words
    • 65 Pages

    Disclaimer Study Support materials comprise non live assessments that were created for the 2003/2006 standards and do not resemble assessments designed for the AAT Accountancy Qualification (launched July 2010). There are some topic similarities between the 2003/2006 standards and the AAT Accounting Qualification (launched July 2010).…

    • 16179 Words
    • 65 Pages
    Powerful Essays