Running head: Making Money Transition Lawfully Making money transition lawfully through Anti- Money Laundering Act Does the issue about the Republic Act No. 9160 ring a bell? Well, if the people followed the former CJ Corona impeachment trial case not very long time ago, then those small terms will not be new to the people’s ears. As a matter of fact, Corona was found guilty. However, not everyone is familiar with this certain Act as not all Filipinos followed the trial closely. The Senate convened as an impeachment trial as democratic discipline.What we’re witnessing is People Power expressed in the institutional, yes, constitutional way. There is a time for citizens taking to the streets to demand reforms in government. There is also a time for citizens entrusting to democratic institutions the task of making government work the way it should.
Republic Act No. 9160: An Act Defining the Crime of Money Laundering, Providing Penalties therefore and for Other Purpose; in short term, Money Laundering Act. So for those who are not well acquainted with these words, Section 4 of this Republic Act gives a good definition.
According to it, “Money laundering is a crime whereby the proceeds of an unlawful activity are transacted; thereby making they appear to have originated from legitimate sources”. The people punishable by this Act are also stated at Section 4. It includes people, who transacts, or even attempts to do so, any monetary instrument or property from any unlawful activity.
Even the people who fail to perform any act transaction are also punishable. Lastly, people who fail to disclose any monetary instrument or property are also included.So simply speaking, people punishable by this Act are not only confined to politicians.
Now that an overview of the Act is given, why does it matter? What is the relation of this topic to Accountancy? Read further and these questions shall be answered. Money matters to everyone and it can move all people to make thing right or wrong. In some good ways, it is an instrument in helping other like putting up charitable institutions and giving donations to the victim of calamities. But one notion which is so negative is from the quotation that “Lack of money is the root of all evil. But I beg to disagree although everyone may be tempted by money, whether you are professional, bystander, business person or just an ordinary people or in whatever field you are engaged in, you may be tempted. On the other hand, it is not the money itself, but it is the people’s desire, ambition, dissatisfaction or necessity that leads them to commit any unlawful activity. Just like former Chief Justice Corona did, it is somewhat ironic that the Chief Justice became accused.
Could you imagine if there is no republic Act No. 9160 or Anti-Money Laundering Act?Maybe Renato Corona is still our Chief Justice who might continue to fool people. All Filipino people are fooled and betrayed by any politicians who practice money laundering or any kind of corruption. And by that time when Filipinos realized what’s happening, all the money from their taxes is all spent. The provision of this Act matters to all of us, especially in our course BS Accountancy. Auditing and giving financial reports are the things I only know as the job of an Accountant.
Some people say that it is easier for the Accountant to make money out of transaction, which is if he wants to take advantage.An Accountant can easily falsify a financial report; he can ask him doing a favor in giving falsified financial report so the two of them will get the benefit. The responsible people on Commission on Audit are also Accountants. They were liable in checking or auditing Corona’s account including asset and liabilities. So it comes to my mind how can we be liable and responsible for our actions if we will be given a chance or should I say if we make that chance to be certified public accountant someday. Not only that, I think all companies, firms, and schools have an accountant to help in running their business and handling the money.
So, I realize that we have a very important role and this is a privilege to us. We should be thankful for the provision of republic Act No. 9160 – an Anti-Money Laundering Act. Everyone gets benefit from this act except those people who are being punished through this act. They deserved to be punished because of fooling people. We should mind studying this act especially for our course which is Accountancy, because this act reminds us in doing the things right but we must also have our conscience that controls us although we have a great chance to fool people with the nature of the job that we might have.
As for other people, I think that they should still be aware of Act No. 9160 as they are aware that the sun rises on the East and sets on the West. This act can be a great weapon against those who are discreetly using other’s money, such as the money of the people, for unlawful activities just to satisfy their wicked wants. Given the chance to be an accountant someday or a certified public accountant is a great privilege or honor at the same time great responsibility, so we have to be honest and just all the times.This is to not put those other accountants who fulfill their duties with great integrity. With all things said, we realize the great connection of Act No.
9160 and BS Accountancy. This also proves the great responsibilities that lie on each of the Accountants’ and Accountants’-to-be shoulders. With all the negative things happening around us, especially in the government, which involve accountants, it is a great challenge for the upcoming ones.
The Anti-Money Laundering Act will serve as a reminder to everyone not to use any money for any unlawful act.This goes not only to politicians, but to anyone in particular who plans to give in to temptations just to have money. This also goes to those who are aiding these kinds of people.
However, I think that whatever Act that would be passed on the Congress which aims to defeat corruption, if people still succumb to their desires to have more and more money and power, all these efforts could go to waste. At the end of the day, it still boils down to a person’s values, discipline, and honor, things that should be in an accountant.