Rules implementing the “dirty money” law have been amended to reflect a new law that allows the government to scrutinize and freeze bank accounts even without the consent of the depositor.
Amendments to the implementing rules and regulations (IRR) of Republic Act (RA) 9160 or the Anti-Money Laundering Act, as amended by RA 10167 enacted on July, were published on The STARyesterday and will become effective 15 days after.
Changes were focused on allowing the Anti-Money Laundering Council (AMLC) to look at “any particular deposit or investment” of an individual or an organization suspected of violating RA 9160 “based on an ex parte application” before the Court of Appeals.
Freezing of “any monetary instrument and property” were also allowed upon AMLC’s application. This would mean that if the appellate court grants its petition, the government will have the power to freeze and/or scrutinize bank accounts and other properties of a suspected individual even without his or her consent.
Previously, though bank deposits could be examined with a court order, this would not come without informing the depositor first.
Under the IRR, the court should act on AMLC’s application to examine or freeze a bank deposit account “within 24 hours from filing of the application.”
Detailed news link: click here