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Orders implementation of new strategy vs. terrorist financing, money-laundering
President Ferdinand Marcos Jr. on Thursday tasked all government offices and departments to carry out a new strategy to contain money laundering, terrorism financing and proliferation financing as part of efforts to ensure that the country exits the Financial Action Task Force (FATF) grey list.
The grey list consists of countries that are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing.
Mr. Marcos, through Executive Order No. 33, directed all government agencies and local government units to adopt the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy (NACS) 2023-2027.
“This is part of the government’s efforts to move the Philippines out of the grey list of the FATF’s ‘Jurisdictions Under Increased Monitoring’ of countries that failed to show tangible and positive progress in addressing all key recommended actions in the Third Mutual Evaluation Report (MER),” the EO said.
The EO said the strategy will ensure that the country exits the FATF grey list.
Additionally, it will also allow the Philippines to address the International Cooperation Review Group.
“Given the expiration of the NACS for 2018-2022 under EO No. 68, s. 2018, it was imperative to adopt a new national strategy for 2023-2028,” the Palace said.
The new strategy creates an additional sub-committee on proliferation financing, which is defined by the FATF as the provision of funds or financial services used for the manufacture, acquisition, possession, development, export, trans-shipment, brokering, transport, transfer, stockpiling or use of nuclear, chemical or biological weapons and their means of delivery.
Meanwhile, the EO also gave the National AML/CFT Coordination Committee (NACC) additional power to reorganize its sub-committees with the addition of the National Intelligence Coordinating Agency as a member of NACC with its mandates on intel gathering.
Mr. Marcos said that the NACC will be chaired by the executive secretary, while Bangko Sentral ng Pilipinas governor will serve as second-in-command.
NACC members will be composed of heads of the Department of Foreign Affairs, Department of Finance, Department of Justice, Department of National Defense, Department of the Interior and Local Government, Department of Trade and Industry, Securities and Exchange Commission, Insurance Commission, Philippine Amusement and Gaming Corporation, Cagayan Economic Zone Authority, Aurora Pacific Economic Zone and Freeport Authority, and the NICA.
The Chief Executive directed NACC to cover as well activities related to countering proliferation financing.
The Legislative Executive Development Advisory Council (LEDAC) chaired by President Marcos approved 20 bills that must be passed by the end of the year, including the Bank Deposit Secrecy measure that will allow the Central Bank to open accounts for cases involving money laundering and terrorism.
“Apparently, we’re the only country left in the world who hasn’t passed bank secrecy. Before it was Lebanon and the Philippines, but Lebanon passed it last year. So we need to have one,” Budget Secretary Amenah Pangandaman said. — Charles Dantes
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