29+ Electronic Money Laundering Is A Form Of Information Piracy Images. Covered institutions shall formulate their respective money laundering prevention programs in accordance with this act including, but not limited to, information dissemination on money laundering activities and its prevention, detection and reporting, and the training of responsible officers and personnel of covered institutions. Electronic money laundering is a form of information piracy.
Section 6(a) of the same act is hereby amended to read as follows:
Almost all criminal activities yield profits, often in the form of cash, that the criminals then seek to launder through various channels. Any person who, with malice, or in bad faith, reports or files a completely unwarranted or false information relative to money laundering transaction against any person shall be subject to a penalty of six (6) months to four (4) years imprisonment and a fine of not less than one hundred thousand philippine pesos (php 100,000.00) but not more. This section is part of a broader typologies project on pfr and kfr, examining the money laundering and terrorist financing risks and The purpose of this ordinance is to recognize and facilitate documents, records, information, communications and transactions in electronic form, and to provide for the accreditation of certification service providers.