With regards to the Philippine Law, please choose the best option.

1. Congressman Z was charged with the Anti-money Laundering law after it was found out that he had several suspicious transactions in Bank X. The Anti-Money Laundering council ordered Bank X to report all the covered and suspicious transactions of Congressman Z. Congressman Z objected to the disclosure of his transactions in the bank on the ground that these will violate his rights under the Bank secrecy laws. Is congressman Z correct?*

A. The secrecy of Bank deposits must be upheld even during investigations of the AMLC.

B. The AMLC has no authority to order the Bank to report all covered and suspicious transactions.

C. The Anti Money Laundering Law relaxes the bank deposit secrecy laws authorizing the AMLC and the BSP access to deposit and investment accounts in specific circumstances.

2. JP works in YR77 Corp. as an accountant. He later on invented a patentable invention during his employment. In this case, who owns the patent?*

A. YR77 Corp. own the patent.

B. JP owns the patent even if the inventive activity is part of his regularly-assigned duties.

C. YR77 Corp owns the patent if the inventive activity is not part of his regularly-assigned duties because he used the time, facilities and materials of the company.

D. JP owns the patent if the inventive activity is not part of his regularly-assigned duties and whether or not he used the time, facilities and materials of the company.

3. Under the applicable law and rules, suspicious transactions shall be reported by covered persons. Which of the following is/are most likely considered as a covered person tasked to do the mandatory obligation? I. Rizal Commercial Banking Corporation; II. AIA PHILAM Life; III. M Lhuillier Jewellers; IV. Atty. Evangelista acting as independent legal counsel*

A. I, II, III

B. I , II

C. I, II, III, IV

D. IV

4. Coco's Chicken poultry knew that Christmas is coming and because of that the company planned to take advantage of the surge of demand of their chickens this coming holidays. It planned to limit the disposal and selling of their chickens so that they will be the only poultry company that can meet the surge of demand of consumers during the holidays and raise their prices. Did Coco Chicken poultry commit any violation under the Price Act?*

A. Yes, Coco Chicken Poultry committed profiteering which is the sale or offering for sale of any basic necessity or prime commodity at a price grossly in excess of its true worth.

B. cannot be determined from the facts given

C. Yes, Coco Chicken Poultry committed Hoarding which is an unreasonable limitation or refusal to dispose of, sell or distribute the stocks of any basic necessity or prime commodity.

D. No, the strategy was within the right of the owner to manage their business and it is an acceptable business strategy.

5. Z is a congressman and he was both charged with the Graft and Corrupt practices act for amassing large amounts of the people's money through corruption and at the same time he was also charged with the Anti-Money laundering act after so many suspicious transactions were made by him and his family. Z moved to dismiss the charge against him for Money laundering on the ground that he cannot be charged at the same time with the graft and corrupt practices charge. Is Z correct?*

A. A person cannot be charged at the same time with both money laundering and the associated unlawful activity.

B. Any person may be charged with and convicted of both money laundering and the associated unlawful activity.

C. A person can only be charged with Money Laundering if the associated unlawful activity is proved first.

D. none of those answers mentioned here