Anti-Money Laundering Act

Answer No. Statement

C 1 It is a crime whereby the proceeds of an unlawful activity
are transacted, thereby making them appear to have
originated from legitimate source.
A. FRAUD
B. SCAM
C. MONEY LAUNDERING
D. SMUGGLING
B 2 All of the following are functions of the AMLC except:
A. TO REQUIRE AND RECEIVE COVERED TRANSACTION REPORTS FROM
COVERED INSTITUTIONS.
B. TO INSTITUTE CIVIL FORFEITURE PROCEEDING AND ANOTHER
REMEDIAL PROCEEDINGS THROUGH THE OFFICE OF THE
SECRETARY GENERAL
C. TO APPLY BEFORE THE COURT OF APPEALS, EX PARTE, FOR THE
FREEZING OF ANY MONETARY INSTRUMENTS OR PROPERTY
ALLEGED TO BE LAUNDERED, PROCEEDS FROM, OR
INSTRUMENTALITIES USED IN OR INTENDED FOR USE IN ANY
UNLAWFUL ACTIVITY
D. TO ISSUE ORDER ADDRESSED TO THE APPROPRIATE SUPERVISING
AUTHORITY
C 3 Which of the following is not considered as an unlawful
activity?
A. VIOLATIONS OF THE ANTI-FENCING LAW
B. VIOLATIONS OF THE ANTI-CARNAPPING ACT OF 2002
C. VIOLATIONS OF THE COOPERATIVE CODE OF 2008
D. VIOLATIONS OF THE FORESTRY CODE
D 4 Any person knowing that any monetary instrument or
property represents, involves or related to the proceeds
of any unlawful activity transacts said monetary
instrument or property, is penalized with:
A. IMPRISONMENT FROM 4 YEARS TO 7 YEARS AND A FINE OF NOT
LESS THAN P1,000 000 BUT NOT MORE THAN P3,000 000
B. IMPRISONMENT RANGING FROM 6 MONTHS TO 4 YEARS AND A
FINE OF NOT LESS THAN P100 000 BUT NOT MORE THAN TWICE
THE VALUE OF THE MONETARY INSTRUMENT OR PROPERTY
INVOLVED IN THE OFFENSE.
C. IMPRISONMENT OF 6 MONTHS TO 4 YEARS AND A FINE OF NOT
LESS THAN P100 000 BUT NOT MORE THAN P500 000
D. IMPRISONMENT RANGING FROM 7 YEARS TO 14 YEARS AND A
FINE OF NOT LESS THAN P3,000 000 BUT NOT MORE THAN
TWICE THE VALUE OF THE MONETARY INSTRUMENT OR PROPERTY
A 5 What is the penalty imposed upon a covered person, its
directors, officers or personnel who knowingly
participated in the commission of the crime of money
laundering?
 A. IMPRISONMENT FROM 4 YEARS TO 7 YEARS AND A FINE NOT
MORE THAN 200% OF THE VALUE OF THE MONETARY INSTRUMENT
OR PROPERTY LAUNDERED
B. IMPRISONMENT RANGING FROM 7 TO 14 YEARS AND A FINE OF
NOT LESS THAN P3,000 000 BUT NOT MORE THAN TWICE THE
VALUE OF THE MONETARY INSTRUMENT OR PROPERTY INVOLVED
IN THE OFFENSE
C. IMPRISONMENT OF 6 MONTHS TO 4 YEARS AND A FINE OF NOT
LESS THAN P100 000 BUT NOT MORE THAN P500 000 OR BOTH
D. IMPRISONMENT FROM 4 YEARS TO 7 YEARS AND A FINE OF NOT
LESS THAN P1,500 000 BUT NOT MORE THAN P3,000 000
A 6 What penalty is imposed to any person who, knowing that
any monetary instrument or property represents, involves
or relates to the proceeds, fails to perform any act as a
result of which he facilitates the offense of money
laundering?
A. IMPRISONMENT FROM 4 YEARS TO 7 YEARS AND A FINE OF NOT
LESS THAN P1,500 000 BUT NOT MORE THAN P3,000 000
B. IMPRISONMENT RANGING FROM 7 YEARS TO 14 YEARS AND A
FINE OF NOT LESS THAN P3,000 000 BUT NOT MORE THAN
TWICE THE VALUE OF THE MONETARY INSTRUMENT OR PROPERTY
INVOLVED IN THE OFFENSE
C. IMPRISONMENT OF 6 MONTHS TO 4 YEARS AND A FINE OF NOT
LESS THAN P100 000 BUT NOT MORE THAN P500 000 OR BOTH
D. IMPRISONMENT RANGING FROM 3 YEARS TO 8 YEARS AND A FINE
OF NOT LESS THAN P500 000 BUT NOT MORE THAN
P1,000 000
C 7 What is the penalty imposed upon a covered person who,
knowing that a covered or suspicious transactions, fails
to report such transactions to the Anti-Money Laundering
Council?
A. IMPRISONMENT FROM 4 YEARS TO 7 YEARS AND A FINE OF NOT
LESS THAN P1,500 000 BUT NOT MORE THAN P3,000 000
B. IMPRISONMENT RANGING FROM 7 YEARS TO 14 YEARS AND A
FINE OF NOT LESS THAN P3,000 000 BUT NOT MORE THAN
TWICE THE VALUE OF THE MONETARY INSTRUMENT OR PROPERTY
INVOLVED IN THE OFFENSE
C. IMPRISONMENT OF 6 MONTHS TO 4 YEARS AND A FINE OF NOT
LESS THAN P100 000 BUT NOT MORE THAN P500 000 OR BOTH
D. IMPRISONMENT RANGING FROM 3 YEARS TO 8 YEARS AND A FINE
OF NOT LESS THAN P500 000 BUT NOT MORE THAN
P1,000 000
D 8 It refers to gold, silver, platinum, palladium, rhodium,
ruthenium, iridium and osmium.
A. PRECIOUS STONES
B. PRECIOUS MONEY
C. MONEY INSTRUMENT
D. PRECIOUS METALS
B 9 Which of the following is not a covered institution?
A. BANKS
B. SECURITIES DEALER
 C. OPEN-END INVESTMENT COMPANIES
D. INVESTMENT HOUSES
B 10 The following composes the Anti-Money Laundering Council,
except:
A. GOVERNOR OF THE BANGKO SENTRAL
B. CABINET MEMBER OF THE BANGKO SENTRAL
C. COMMISSIONER OF THE INSURANCE COMMISSION
D. CHAIRMAN OF THE SECURITIES AND EXCHANGE COMMISSION