Is private currency exchange in the Philippines considered money laundering?

Cross-border money laundering can also be carried out by establishing a wholly foreign-owned enterprise or using the foreign exchange black market. After completing the money laundering, you can return to the country as a foreign entrepreneur to invest; finally, there is another method of tax fraud and money laundering, that is, by falsely registering a company and forging export business. , thereby defrauding tax refunds, and then dispersing and transferring the illegally obtained funds through various channels. Next, the editor of Legal Savior Network has compiled some relevant knowledge for your reference. Let’s take a look at the content.

1. Is private exchange rate in the Philippines money laundering?

Common money laundering behaviors include the following forms: First, using the establishment of shell companies to launder money. It is undoubtedly the most classic and commonly used means of money laundering; secondly, money laundering activities are carried out by forging nominal deposits or purchasing financial instruments; thirdly, the truth of money laundering is concealed through irregular currency transactions, and illegal gains are disguised as legitimate. funds and operate them in financial institutions; in addition, import and export trade can also be one of the ways of laundering money, and the stolen money is invested overseas through strategies such as selling at high prices and buying at low prices; similarly, by setting up foreign-invested enterprises or entering the foreign exchange market The underground black market realizes cross-border money laundering, and uses this to return to the country with the legal identity of foreign businessmen for investment; finally, tax fraud is also a common method of money laundering. By falsely registering a company, creating false export records, thereby defrauding tax refunds, and then illegally The proceeds are dispersed and transferred through various channels.

"Criminal Law" Article 191

The crime of money laundering is knowingly committed to a drug crime, organized crime of a mafia nature, terrorist activity crime, smuggling crime, corruption and bribery crime, Anyone who commits any of the following acts in order to cover up or conceal the source and nature of the proceeds from crimes of disrupting financial management order or financial fraud and the proceeds generated therefrom shall have the proceeds from committing the above crimes and the proceeds generated therefrom confiscated and be sentenced to a fixed term of not more than five years. Imprisonment or criminal detention, and concurrently or solely a fine of not less than 5% but not more than 20% of the amount of money laundered, if particularly serious, a fine of not less than five years and not more than five years.Fixed-term imprisonment of not more than ten years, and a fine of not less than 5% but not more than 20% of the amount of money laundered: (1) providing a capital account; 2) assisting in converting property into cash, financial instruments, and securities; 3) passing 4) Assisting in the transfer of funds through transfer or other settlement methods; 4) Assisting in remittance of funds overseas; 5) Using other methods to conceal or conceal criminal proceeds and the source and nature of the proceeds.

2. What is the crime for providing a card to launder 700,000 yuan?

Those who launder 700,000 yuan will face fixed-term imprisonment of not more than five years or criminal detention, plus an additional fine or a single fine.

For example, to cover up and hide drug crimes, underworld crimes, terrorist crimes, smuggling The sources and nature of the proceeds and proceeds from crimes such as crimes of corruption and bribery, crimes of disrupting financial management order, and crimes of financial fraud will be confiscated. In serious cases, they will be sentenced to five to ten years in prison, plus fines.