Section 3
SEC. 3. Section 7 of the same Act is hereby amended to read as follows: "SEC. 7. Creation of Anti-Money Laundering Council (AMLC). - The Anti-Money Laundering Council is hereby created and shall be composed of the Governor of the Bangko Sentral ng Pilipinas as Chairman, the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission, as members. The AMLC shall act unanimously in the discharge of its functions as defined hereunder: "(1) to investigate suspicious transactions and covered transactions deemed suspicious after determination by AMLC, money laundering activities and other violations of this Act. "x x x; "(13) in the conduct of its investigation, the AMLC shall apply for the issuance of a search and seizure order with any competent court; "(14) in the conduct of its investigation, the AMLC shall apply for the issuance of subpoena ad testificandum and/or subpoena duces tecum with any competent court; "(15) to implement targeted financial sanctions in relation to proliferation of weapons of mass destruction and its financing, including ex parte freeze, without delay, against all funds and other assets that are owned and controlled, directly or indirectly, including funds and assets derived or generated therefrom, by individuals or entities designated and listed under United Nations Security Council Resolution Numbers 1718 of 2006 and 2231 of 2015 and their successor resolutions as well as any binding resolution of the Security Council; and "(16) to preserve, manage or dispose assets pursuant to a freeze order, asset preservation order, or judgment of forfeiture: Provided, however, That pending their turnover to the national government, all expenses incurred in relation to the duties herein mentioned shall be deducted from the amount to be turned over to the national government."