Research(maryneil)-1.docx

Introduction:  Research Topic Money laundering is a criminal offence under Republic Act No. 9160, otherwise known as the “Anti-Money Laundering Act of 2001”, as amended (“AMLA”). The law created the Anti-Money Laundering Council (“AMLC”), which is the primary government agency tasked with implementing the AMLA and causing the filing of complaints for the prosecution of money laundering offencesMoney laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source. The processes by which criminally derived property may be laundered are extensive. Though criminal money may be successfully laundered without the assistance of the financial sector, the reality is that hundreds of billions of dollars of criminally derived money is laundered through financial institutions, annually. The nature of the services and products offered by the financial services industry (namely managing, controlling and possessing money and property belonging to others) means that it is vulnerable to abuse by money launderers  Research Purpose  This report is made because the Philippines’ economy has changed during the years so that the small businesses suffer even more of profitability, meaningfulness and possibilities. Unemployment rate increases, therefore, the consuming has been high to give jobs and nice lifestyle. Where does this lending money truly come from? Where ever it comes don’t make a difference. The more meaningful question is, that have it been earned by paying taxes like the borrowers do. We hope that this work will give an understanding of how much tax earnings is lost every year and how it is done. That way there is a chance to make changes.  This research is also for everyone have knowledge on these crimes and what are we suppose to be done to eradicate such crimes.  Research Question  Which government authorities are responsible for investigating and prosecuting money laundering criminal offences?  What are the maximum penalties applicable to individuals and legal entities convicted of money laundering?  How does this crime affects us and the community? 

What must be proven by the government to establish money laundering as a criminal offence? What money laundering predicate offences are included? Is tax evasion a predicate offence for money laundering?

Literature Review: 

Makati court convicts ex-RCBC manager Maia Deguito of money laundering. Former RCBC branch manager Maia Deguito is sentenced to 4 to 7 years in prison for each of the 8 counts of money laundering in connection with the 2016 Bangladesh Bank heist. (Jan 10, 2019 - 9:26 AM)



DIRTY MONEY SITE. The US State Department says sophisticated transnational organized crime and drug trafficking organizations use the Philippines as a drug transit country.

MANILA, Philippines – The Philippines was once again tagged as a major money laundering site by the US State Department, which cited the $81-million cyber bank heist that was coursed through the local banking system as well as the country's "international drug trade" as reasons. The country remains among the 88 major money laundering sites listed in the US State Department's 2017 International Narcotics Control Strategy Report (Volume II – Money Laundering and Financial Crimes). The Philippines has been in the list since 2011. "Money laundering is a serious concern due to the Philippines' international narcotics trade, high degree of corruption among government officials, trafficking in persons, and the high volume of remittances from Filipinos living abroad," the US State Department said in its report. It said that sophisticated transnational organized crime and drug trafficking organizations use the Philippines as a drug transit country. (READ: How to safeguard the Philippines from dirty money) "Criminal groups use the Philippine banking system, commercial enterprises, and particularly casinos, to transfer drug and other illicit proceeds from the Philippines to offshore accounts," the US State Department said. In 2016, the government investigated the biggest documented case of money laundering in Philippine history – where about $81 million stolen from the Bangladesh Bank's account at the Federal Reserve Bank of New York was coursed through Rizal Commercial Banking Corporation (RCBC), converted into pesos, and then played in large casinos in the country.