Money laundering
Dear PAO,
May I know how the law defines money laundering?
Monching
Dear Monching,
The answer to your question is found in our pertinent laws and jurisprudence. Succinctly, Section 4 of Republic Act (RA) 10365, otherwise known as the «Anti-Money Laundering Act of 2001», defines money laundering offenses as follows:
«SEC. 4. Money Laundering Offense. – Money laundering is committed by any person who, knowing that any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity:
»(a) transacts said monetary instrument or property;
Advertisement"(b) converts, transfers, disposes of, moves, acquires, possesses or uses said monetary instrument or property;
"© conceals or disguises the true nature, source, location, disposition, movement or ownership of or rights with respect to said monetary instrument or property;
"(d) attempts or conspires to commit money laundering offenses referred to in paragraphs (a), (b) or ©;
"(e) aids, abets, assists in or counsels the commission of the money laundering offenses referred to in paragraphs (a), (b) or © above; and
Advertisement"(f) performs or fails to perform any act as a result of which he facilitates the offense of money laundering referred to in paragraphs (a), (b) or © above.
«Money laundering is also committed by any covered person who, knowing that a covered or suspicious transaction is required under this Act to be reported to the Anti-Money Laundering Council (AMLC), fails to do so.» (Emphasis and Underscoring Supplied)
Pertinent to the foregoing, the separate opinion of Associate Justice Amy Lazaro-Javier in the recent case of Lingad vs. People (GR 224945, Oct. 11, 2022), an En banc decision of the Supreme Court, is illuminating regarding the permutation of the definition of money laundering, thus:
«The definition in the amended Section 4 of RA 10365 is the prevailing definition of Money Laundering to date.
Advertisement»Note the permutations of the definition of money laundering in Section 4:
«any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity
»(a) transacts said monetary instrument or property;
"(b) converts,
