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Manila Bulletin devider Business devider Banks, non-banks, told to report illegal fund collections

Banks, non-banks, told to report illegal fund collections

Published Dec 16, 2021 02:35 pm

The Bangko Sentral ng Pilipinas (BSP) on Thursday, Dec. 16, cautioned all its supervised financial institutions (BSFIs) to heed the Anti-Money Laundering Council's (AMLC) warning against transacting and providing financial and material support to the Communist Party of the Philippine-New People’s Army-National Democratic Front (CPP-NPA-NDF).

In a circular letter (CL-2021-100) signed by BSP Deputy Governor Chuchi G. Fonacier on Dec. 15, she said the “public and the BSFIs are reminded to report any coercive or illegal fund collection by the communist terrorists as these TF (terrorist financing) activities sustain the violent agenda of the CPP-NPA-NDF that disregards not only our country’s laws but also human life, public safety, and right over property.”

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Fonacier is also reminding banks and non-banks to strictly comply with the AMLC resolutions implementing the sanctions and freeze orders against the CPP-NPA-NDF after the Anti-Terrorism Council (ATC) has designated the CPP-NPA and NDF as terrorist organizations last December 2020 and in June this year.

Fonacier said the ATC designation “makes any person who provides material support to a terrorist individual or organization, knowing that such individual or organization is committing or planning to commit terrorist acts, liable as principal (under the provisions of the Anti-Terrorism Act of 2020 or ATA).”

She added that the designation also “makes available any property or funds or financial services or other related services to designated persons or organizations liable (under Republic Act No. 10168 or the Terrorism Financing Prevention and Suppression Act or TFPSA).”

Fonacier said Section 11 of the TFPSA authorizes the AMLC – “upon its own initiative or at the request of the ATC” to freeze property or funds that are related to terrorism financing.

The memo said that based on recovered CPP-NPA documents, statements of former NPA members, and other reliable sources, the “communist terrorists raise and collect funds through extortion/taxation, including election fees, such as ‘permits to campaign/win’ from politicians.”

Other regular and major sources of funds are mining companies, telephone companies, construction firms, and other businesses, including project funds from abroad, according to the memo.

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