3. Safe Harbor Provision

Safe Harbor Provision

The Safe Harbor Provision states that no administrative, criminal, or civil proceedings shall lie against any person for having made a covered transaction report or a suspicious transaction report in the regular performance of his duties and in good faith, whether or not such reporting results in any criminal prosecution under this Act or any other Philippine law [Sec. 9]¹.

Lawyers and accountants acting as independent legal professionals are not subject to the reporting requirement in relation to information concerning their clients or where disclosure would compromise client confidences or the attorney-client relationship, provided they are authorized to practice in the Philippines and remain subject to their applicable professional codes [Sec. 9(c)]².