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Manila Bulletin devider Philippines devider National devider Follow nat'l strategy vs money laundering, counter-terrorism financing— PBBM

Follow nat'l strategy vs money laundering, counter-terrorism financing— PBBM

Published Jul 6, 2023 06:09 am
President Ferdinand "Bongbong" Marcos Jr. has ordered all government offices and departments to adopt the national anti-money laundering, counter-terrorism financing, and counter proliferation financing strategy (NACS). President Ferdinand 'Bongbong' Marcos Jr. (Photo courtesy of Malacañang)
Marcos issued the directive through Executive Order No. 33 dated July 4, 2023. “In accordance with their respective mandates, all departments, agencies, bureaus, and offices of the National Government, including government-owned or controlled corporations (GOCCs) are directed, and all local government units are encouraged, to formulate and implement relevant strategy plans and programs to execute the NACS 2023-2027,” the President stated. The executive order, signed by Executive Secretary Lucas Bersamin, said the adoption of NACS 2023-2027 will enable the Philippines to address the International Cooperation Review Group (IGRG) Action Plans, ensure that the country exits the Financial Action Task Force (FATF) Grey List, and improve its anti-money laundering, counter terrorism financing, and counter proliferation financing (AML/CTF/CPF) regime. According to the President, it was  to adopt a new national strategy for 2023-2028 given the expiration of the NACS for 2018-2022 under EO No. 68, s. 2018. He said 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 National AML/CFT Coordinating Committee (NACC) was given additional power to reorganize its sub-committee while the National Intelligence Coordinating Agency (NICA) was also included as additional member of the NACC given its mandate in intelligence gathering. The President also directed the NACC “to cover as well activities related to countering proliferation financing.” Marcos said the NACC shall be chaired by the Executive Secretary, while the Governor of the Bangko Sentral ng Pilipinas, who is the concurrent Chair of the Anti-Money Laundering Council  (AMCL), will serve as Vice Chair. NACC members will be composed of heads of the Department of Foreign Affairs (DFA), Department of Finance (DOF), Department of Justice (DOJ), Department of National Defense (DND), Department of the Interior and Local Government (DILG), Department of Trade and Industry (DTI), Securities and Exchange Commission (SEC), Insurance Commission, Philippine Amusement and Gaming Corporation (PAGCor), Cagayan Economic Zone Authority, Aurora Pacific Economic Zone and Freeport Authority, and the NICA. The President also ordered that the Terrorism Financing and Proliferation Sub-committee will also be reorganized into two separate sub-committees – the Terrorism Financing Subcommittee and the Proliferation Financing Subcommittee.

Related Tags

Bongbong Marcos anti-money laundering Executive Order No. 33 counter-terrorism financing counter proliferation financing NACS 2023-2027 President Marcos
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