SC tightens rules vs money laundering | Inquirer News

SC tightens rules vs money laundering

/ 04:46 AM May 31, 2021
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Screenshot of the Supreme Court main building

MANILA, Philippines — The Supreme Court has issued tougher regulations against money laundering offenses.

The high court has approved rules allowing bank inquiries and seizure of properties prior to the filing of information in relation to money laundering offenses. The new rules will take effect on May 31.


“Recognizing the benefit of the preservation, seizure, and forfeiture of assets in preventing and restraining the commission of crimes or offenses penalized under the Anti-Money Laundering Act of 2001, as amended, and other penal laws, the Supreme Court recently approved … the Rule on Asset Preservation, Seizure, and Forfeiture in Criminal Cases Under Republic Act No. 9160 as amended,” the SC said. —Tina G. Santos

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TAGS: Anti-Money Laundering Act of 2001, bank inquiries, Money Laundering, seizure of properties, Supreme Court
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