Those found to have had engaged in money laundering will be slapped administrative sanctions and fines under new rules that took effect yesterday, the Anti-Money Laundering Council (AMLC) said.
AMLC said the rules on the implementation of administrative sanctions under Republic Act No. 9160 or the anti-money laundering law went in full swing on Aug. 8.
The new rules will “ensure that covered persons comply with and deter commission of money laundering and other violations of the Anti-Money Laundering Act of 2001, its implementing rules and regulations and all issuances of the AMLC” as these “detail the procedure in administrative cases wherein due process and the requirement of substantial evidence shall be strictly observed,” AMLC said.
Under the rules, administrative sanctions will range from a simple reprimand to a fine of not more than P500,000 per violation as well as other measures as may be necessary and justified to prevent and counteract money laundering.
“In no case shall the aggregate fine exceed 5 percent of the asset size of the respondent,” the rules read.
The asset sizes of covered persons were defined as follows: micro (P3 million and below); small (over P3 million to P15 million); medium (over P15 million to P100 million); large A (over P100 million to P500 million); and large B (over P500 million).
The gravity of violations will range from “light,” “less serious,” “serious,” “major” and “grave,” depending on their “importance or significance of the specific provision of the AMLA, its revised implementing rules and regulations, and all AMLC issuances, in relation to its effect on the AMLC’s discharge of its mandate,” the rules added. —BEN O. DE VERA