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PRESIDENTIAL DECREE NO. 1915
PRESIDENTIAL DECREE NO. 1915 -
PROVIDING FOR A PROCEDURE FOR THE DISPOSITION OF CONFISCATED, FORFEITED
OR ABANDONED FOREIGN CURRENCIES OR FOREIGN EXCHANGE INSTRUMENTS, AND
PRESCRIBING A PENALTY FOR VIOLATION THEREOF
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WHEREAS,
blackmarketing and smuggling of foreign currencies and foreign exchange
instruments are detrimental to the national economy; chanroblesvirtualawlibrary
WHEREAS, the law enforcement agencies of the Government have been
instructed to intensify the campaign against the blackmarketing and
smuggling of foreign exchange;chanroblesvirtualawlibrary
WHEREAS, confiscated, forfeited or abandoned foreign currencies and
foreign exchange instruments can be best utilized by the Central Bank
of the Philippines;chanroblesvirtualawlibrary
WHEREAS, it is thus necessary to designate the Central Bank of the
Philippines as the sole custodian of all foreign currencies and foreign
exchange instruments that may be confiscated or forfeited in favor of
the Government, or abandoned, with authority to dispose of the same as
the Monetary Board may direct in the appropriate circulars, rules and
regulations;chanroblesvirtualawlibrary
WHEREAS, it is likewise necessary to expedite cases of blackmarketing
or smuggling of foreign exchange pending before the courts, without
unduly prejudicing the rights of the accused.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree:cralaw:red
Section 1. Whenever foreign currencies or foreign
exchange instruments are seized from those engaged in the
blackmarketing or smuggling of foreign exchange or in violation of
existing foreign exchange regulations, the law enforcement agency
making the seizure shall immediately conduct an inventory of the items
seized. The officer or the head of the team making the seizure shall
issue a detailed receipt for the items seized to the person or persons
on whom or in whose possession the same were found or, in the absence
of any person, shall leave such receipt in the place where the seized
items were found in the presence of at least one (1) witness.
Section 2. The inventory required in Section 1 hereof
shall be conducted in the presence of representatives of the Central
Bank of the Philippines and the Commission on Audit. The inventory
shall state, among others, the amount of foreign currencies or the face
value of foreign exchange instruments seized, and the serial numbers
thereof, and the number of the receipt issued in accordance with
Section 1 hereof.
Section 3. The officers and members of the team which
made the seizure shall likewise execute a sworn statement describing in
detail the facts and circumstances surrounding the seizure. Such
statement shall be transmitted together with the inventory to the
Central Bank of the Philippines and the Commission on
Audit. chanroblesvirtualawlibrary
Section 4. Immediately and not later than twenty-four
(24) hours after the inventory, the law enforcement agency concerned
shall directly transmit the foreign currencies and/or foreign exchange
instruments seized to the Central Bank of the Philippines which,
notwithstanding any provision of law, rule or regulation to the
contrary, is hereby designated as the sole custodian of all said
foreign currencies and foreign exchange instruments.
Whenever foreign currencies and/or foreign exchange instruments are
seized, and no person claims or admits ownership thereof in writing,
within forty-eight (48) hours from and after said seizure, the foreign
currencies and/or foreign exchange instruments so seized shall be
deemed abandoned for all legal interests and purposes, and the Central
Bank of the Philippines may immediately dispose of the same in
accordance with existing laws, rules and regulations.
Section 5. If a prima facie case is found against the
person or persons from whom or in whose possession the foreign
currencies and/or foreign exchange instruments were seized, and/or
against the person or persons who are probably responsible for the
blackmarketing or smuggling of the same, the court in which the
appropriate information is filed shall conduct daily hearings with the
end in view of expediting the determination of the guilt or innocence
of the accused.
In the case of final conviction of the accused, the confiscated or
forfeited foreign currencies and/or foreign exchange instruments shall
be disposed of by the Central Bank of the Philippines in accordance
with existing laws, circulars, rules and regulations.
Section 6. The term "dispose", as used herein,
includes the authority to invest all or part of the confiscated,
forfeited or abandoned foreign currencies and foreign exchange
instruments, or to make use of the same as reserves or as security in
the payment of obligations.
Section 7. Any public officer or employee, including
a private individual, who shall submit a false or incomplete inventory
or statement or who without lawful cause fails or refuses to transmit
any seized foreign currency or foreign exchange instrument or who in
any manner violates his duty herein, shall be punished with the penalty
of prision correccional.
Section 8. The Central Bank of the Philippines shall
promulgate the rules and regulations to implement this decree.
Section 9. This Decree shall take effect after
fifteen (15) days following its publication in the Official Gazette.
Done in the City of Manila,
this 5th day of April in the year of Our Lord, nineteen hundred and
eighty-four.
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