Money Laundering

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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....
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