All ▸ Bar 2024 ▸ COMMERCIAL AND TAXATION LAWS ▸ V. BANKING LAWS ▸ D. Anti-Money Laundering Act (R.A. No. 9160, as amended by R.A. Nos. 9194, 10167, 10365, 10927, and 11521) ▸ 7. Authority to Inquire, Freezing and Forfeiture - Sections 10-12

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Question:

Suppose that the Anti-Money Laundering Council (AMLC) receives information regarding suspicious transactions involving a specific individual. In light of this information, the AMLC decides to conduct an inquiry to determine the veracity of the allegations. During the course of the inquiry, the AMLC discovers substantial evidence indicating that the funds involved in the suspicious transactions are the proceeds of unlawful activities.

Based on the above scenario and the provisions of the Anti-Money Laundering Act, answer the following questions:

What specific authority or power does the AMLC have in conducting an inquiry under the Anti-Money Laundering Act? (2 marks)
Discuss the procedure for the freezing of monetary instruments or properties in relation to suspected money laundering activities. (4 marks)
Outline the procedure for the forfeiture of properties in cases of money laundering. (4 marks)

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