what is the law that defines money laundering as a crime whereby the proceeds of an unlawful activity are transacted, thereby making them appear to have originated from legitimate sources.
Answer (1)
Answer:The law that defines money laundering as a crime in the Philippines is the Anti-Money Laundering Act (AMLA) of 2001, specifically Republic Act No. 9160.This law criminalizes money laundering by prohibiting the act of transacting or using proceeds from unlawful activities in such a way that makes them appear as if they originated from legitimate sources. It requires financial institutions to report suspicious transactions and imposes penalties on those involved in money laundering activities. The law was amended by Republic Act No. 10365 in 2013 to strengthen its provisions and broaden its scope, particularly to comply with international anti-money laundering standards.
