To boost fight vs money laundering: SC OKs probe of bank accounts linked to illegal activities

The Supreme Court (SC) has approved the rules of the Court of Appeals (CA) in granting examinations of bank and investment accounts linked to unlawful activities including money laundering.

The SC Public Information Office (SCPIO) announced that that high tribunal has approved the Court of Appeals Rule of Procedure in Cases of Bank Inquiry Into or Examination of Deposit and Investment Accounts Relating to an Unlawful Activity or a Money Laundering Offense Under Republic Act No. 9160, as Amended.

Under the rule which takes effect Monday (May 31), the SCPIO explained “the Republic of the Philippines, represented by the Anti-Money Laundering Council (AMLC), through the Office of the Solicitor General (OSG), may file an ex parte application for bank inquiry before the Court of Appeals (CA) when it has been established that there is probable cause that the deposits or investments involved, including related accounts, are in any way related to an unlawful activity or a money laundering offense.”

“Such bank inquiry order issued by the CA shall be effective for a period of 120 calendar days from the date of the receipt by the AMLC, and shall have the same effect as that of a freeze order under Section 2(d), Rule VI, of the 2009 Internal Rules of the Court of Appeals,” it said.

Once the CA issues the order, the SCPIO said the banking or non-bank financial institution concerned will be ordered “to allow the AMLC full access to all information, documents, and objects relating to the subject deposit or investment account within a specific period of time.”

The CA will also “forbid the aforesaid institution, or any of its directors, officers, and employees, from disclosing, divulging, or communication directly or indirectly, or in any manner, to the owners or holders of accounts inquired into, or to any other person, the fact that said accounts are being inquired into or examined, with warning that a violation thereof constitutes contempt of court.”

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Source: Latest Politics News Today (Politics.com.ph)