Prohibiting terrorist financing committed through money laundering: A comparative study showing the compliance of covered institutions under the anti-money laundering law of the Philippines in identifying, auditing and reporting illegal transactions to prevent terrorist financing
Date of Publication
5-2017
Document Type
Master's Thesis
Degree Name
Juris Doctor
Subject Categories
Banking and Finance Law
College
College of Law
Department/Unit
Law
Thesis Adviser
Shirley C. Tuazon
Defense Panel Chair
Victoria V. Loanzon
Defense Panel Member
Jose Andrew Miranda
Kerwyn Garcia
Abstract/Summary
Money Laundering and Terrorist financing are crimes that are strictly regulated by most countries. This study aims is to determine the sufficiency and efficiency of the AML policies implemented by certain covered institutions in order to aid the government and law enforcement authorities in battling money laundering and terrorist financing. Certain covered institutions were examined regarding their implementation of AML policies which includes: 1) Know Your Client Procedure; 2) Auditing and Monitoring; 3) Reporting and 4) After Reporting Procedure. The results of the study have shown that remittance lacks other safety measures as compared to banks and insurance companies, in combatting money laundering because it does not conduct auditing and monitoring procedure. That after the remitter has conducted customer due diligence procedure, no other safeguards are implemented which would detect and prevent money laundering. Therefore, the AMLA does not sufficiently prevent money laundering and terrorist financing because certain covered institutions such as remittance does not have sufficient and efficient AML policies. Insufficient and inefficient AML policy of certain covered institution may be used as an avenue to launder money for the purpose of terrorist financing.
Abstract Format
html
Language
English
Format
Electronic
Accession Number
CDTG006951; TG06951
Shelf Location
Archives, The Learning Common's, 12F Henry Sy Sr. Hall
Keywords
Money laundering—Law and legislation--Philippines; Terrorism—Finance—Law and legislation--Philippines
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Recommended Citation
Angeles, F. E., & Francisco, Z. P. (2017). Prohibiting terrorist financing committed through money laundering: A comparative study showing the compliance of covered institutions under the anti-money laundering law of the Philippines in identifying, auditing and reporting illegal transactions to prevent terrorist financing. Retrieved from https://animorepository.dlsu.edu.ph/etd_masteral/7274
Embargo Period
11-6-2024
