Money Laundering Investigations

Money laundering is any act or attempt to cover up the existence of illegally acquired funds by making them look like they came from legal sources. These illegally acquired funds are transferred from one part of the globe to another by using and abusing banks, money remittance centers, and commercial institutions such as casinos. These illegal transactions look legitimate because they are hidden and integrated into legal transactions of the institutions being used.

Authorities need to put a stop on money laundering activities in the Philippines. This unlawful act allows criminals to reap the benefits of their wrongdoings. Failure to detect and interrupt such crimes provides criminals the funds to continue their illegal acts that could worsen in a short period of time. More than that, being a major money laundering country – which is what the Philippines is now being labeled as – could mean a destabilized government and crippled financial system.

The Philippine government has made efforts to fight money laundering in the country. For one, there’s the Anti-Money Laundering Act of 2001 or R.A. No. 9160 which criminalizes 14 activities including jueteng and masiao, swindling, smuggling, piracy on the high seas, terrorist acts, securities fraud, robbery and extortion, plunder, kidnapping for ransom, graft, corruption, and drug offenses.

Money laundering investigations Philippines can only be possible through honest reporting by officers and employees of institutions covered by the AMLA. Failure to report suspicious transactions could lead to 4 years of imprisonment or a penalty of not lower than PhP100,000. If you have a sneaking suspicion of a possible money laundering activity, don’t hesitate to ask the help of Orion Support Incorporated.