Practice question
A property owner argues that freezing an account automatically transfers final ownership to the State. Which is correct?
- A freeze always equals final forfeiture
- A bank employee becomes owner
- AMLC may personally keep all frozen funds
- All third-party claims disappear instantly
- Freeze preserves assets; final forfeiture requires its distinct lawful proceeding and order
Legal references
- https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/92723 — RA 11521, sections 3 and 5 amending AMLA sections 7 and 10
- https://lawphil.net/statutes/repacts/ra2012/ra_10167_2012.html — RA 10167, section 2 amending AMLA section 11
- https://lawphil.net/statutes/repacts/ra2013/ra_10365_2013.html — RA 10365, section 9 amending AMLA section 12
Answer this question in flashcards to review your response and continue practicing.