PRRD boosts campaign vs. money laundering, terrorism financing

FILE: President Rodrigo Roa Duterte listens to the discussions during the expanded bilateral meeting with President Xi Jinping of People’s Republic of China and other Chinese officials at the Malacañan Palace on November 20, 2018. KING RODRIGUEZ/PRESIDENTIAL PHOTO

MANILA — President Rodrigo Duterte has signed an executive order strengthening the country’s campaign against money laundering and terrorism financing (ML/TF).

Duterte signed Executive Order No. 68 on Nov. 12 adopting the National Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) Strategy or NACS.

“It is declared policy of the State to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity,” the order stated.

The Anti-Money Laundering Council (AMLC), together with relevant government agencies, has formulated and adopted the NACS which will be implemented over the period of 2018 to 2022.

The NACS will enable the government and the private sector to have a coordinated and strategic approach towards combating money laundering and terrorism financing in the country.

“There is a need to harmonize AML/CFT efforts to relevant government agencies and private stakeholders and ensure that they are consistent with the NACS and addresses ML/TF risks,” it said.

The order called for the creation of the National AML/CFT Coordinating Committee (NACC) which will ensure “efficient and effective” implementation of the roles and responsibilities of relevant government agencies as stated in the NACS.

NACC shall also facilitate the periodic conduct of the ML/TF risk assessment and recommend action plans, which may be included in the NACS, to address the risks identified.

The committee is tasked also to promote activities to spread awareness of the NACS and identified high ML/TF risk areas.

The NACC will be chaired by the Executive Secretary “or his duly-authorized representative” with Bangko Sentral ng Pilipinas (BSP) Governor and AMLC Chairperson as co-vice chairpersons.

The panel members include the secretaries of Foreign Affairs, Finance, Justice, National Defense, Interior and Local Government, Trade and Industry and top officials of Securities and Exchange Commission, Philippine Amusement and Gaming Corp., and Cagayan and Aurora-Pacific economic zones.

The AMLC shall serve as the Secretary for the NACC which will be organized into several sub-committees primarily responsible for the implementation of specific strategic objectives and relevant action plans of the NACS.