Practice question
A private art buyer knowingly acquires a painting representing proceeds of a stipulated AMLA unlawful activity. The prosecution proves the statutory knowledge and acquisition. The buyer is not a bank, financial intermediary or other covered person. He claims that alone excludes every Section4(b) offense. Which answer is correct?
- Section4 principal modes apply to any person; lack of covered-person status does not itself defeat this acquisition charge
- Every Section4 mode is limited to covered institutions
- Only bank employees can acquire criminal proceeds
- A private art purchase is automatically exempt regardless of proved knowledge
- Covered-person status is irrelevant even to the separate reporting offense
Legal references
- RA10365 Sections4–5 amending AMLA Sections4 and6: https://lawphil.net/statutes/repacts/ra2013/ra_10365_2013.html AMLA Section4(b),(c),(f) and final paragraph.
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