Marcos orders adoption of new anti-money laundering strategy in all gov't departments, agencies | Inquirer News

Marcos orders adoption of new anti-money laundering strategy in all gov’t departments, agencies

By: - Reporter / @JMangaluzINQ
/ 09:36 AM July 06, 2023

MANILA, Philippines — The Palace on Thursday said that President Ferdinand Marcos Jr. had directed all government departments and agencies to adopt a new anti-money laundering and counter-terrorism financing strategy for 2023 to 2027.

Dubbed as the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy (NACS), former President Rodrigo Duterte had enacted the previous iteration of the strategy during his term in 2018, which was effective until 2022.


“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,” Marcos said in Executive Order (EO) No. 33.


According to the Malacañang, the EO was dated July 4 and was signed by Executive Secretary Lucas Bersamin.

The strategy was adopted as part of efforts to remove the Philippines from the international group Financial Action Task Force’s (FATF) Grey List.

In its website, the FATF “leads global action to tackle money laundering, terrorist and proliferation financing.” Being on the group’s list means that the country is still working on improving its anti-money laundering policies.

READ: PH included in dirty money list anew

The Chief Executive’s new EO gives the National anti-money laundering/counter financing of terrorism coordinating committee (NACC) more power to reorganize itself, as well as making the National Intelligence Coordinating Agency (NICA) a member.

“The chief executive 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, will serve as Vice Chair,” the Palace stated.

Other NACC members include the heads of 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.


Duterte signs EO to adopt strategy vs money laundering, financing terrorism

Tighten dirty money rules

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TAGS: Bongbong Marcos, laundering

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