Duterte signs EO to adopt strategy vs money laundering, financing terrorism
President Rodrigo Duterte has issued an executive order (EO) adopting a national strategy on anti-money laundering and countering the financing of terrorism (AML/CFT) in the Philippines.
Executive Secretary Salvador Medialdea, by authority of the President, signed EO No. 68 on November 12 but released to the media on Wednesday.
The EO stated the government is adopting as a government policy the National Anti-Money Laundering and Countering the Financing of Terrorism Strategy (NACS) formulated by the Anti-Money Laundering Council and releveant government agencies.
NACS, an “strategic and collective response in the form of action plans to the risks identified, and gaps and problem areas under the Philippine National Risk Assessment (NRA),” will be implemented from 2018 to 2022.
Duterte also created a national AML/CFT coordinating committee (NACC).
The committee, Duterte said, should “facilitate inter-agency coordination focused on the development of national policies on AML/CFT consitent with relevant AML/CFT laws and inernational standards.”
The President said the committee would “provide overall policy and strategic direction and oversee the implementation of NACS.”
Executive Secretary Salvador Medialdea will chair the committee while the bangko Sentral ng Pilipinas and the AMLC chairpererson will be the vice chair.
Other members of the committee include the secretaries of foreign affairs, finance, justice, national defense, interior and local government, trade and industry, chairperson of the Securities and Exchange commission, Insurance Commissioner, chief executive officer and chairperson of the Philippine Amusement and Gaming Corporation, administrator of the Cagayan Economic Zone Authority and president of the Aurora Pacific Economic Zone and Freeport Authority.
Duterte said “the Ombudsman may become a member of the NACC subject to his/her concurrence.”
The AMLC, he said, would serve as the secretariat of the NACC.
“Funds necessary for the implementation of the action plans under NACS shall be charged against existing appropriations of the concerned government agencies,” the President said.
The EO is effective immediately upon publication in the Official gazette or in a newspaper of general circulation. /jpv
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