Bongbong Marcos sets new tack vs money laundering

Citing the need for the Philippines to be removed from the money laundering grey list, President Ferdinand Marcos Jr. has ordered government agencies to implement a five-year strategy to contain money laundering, terrorism financing and proliferation financing.

Under Executive Order (EO) No. 33 signed on July 4, the President directed government departments to adopt the National Anti-Money Laundering, Counter-Terrorism Financing and Counter Proliferation Financing Strategy (NACS) 2023-2027.

The new strategy was necessary, Mr. Marcos said, to get the country out of the grey list of the Financial Action Task Force (FATF), the global watchdog on money laundering and terrorist financing.

Mr. Marcos said all departments, agencies, bureaus and offices of the national government, including government-owned or controlled corporations, must “formulate and implement relevant strategy plans and programs” to execute the NACS.

“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,” the EO said.

In its website, the FATF said it sets “international standards to ensure national authorities can effectively go after illicit funds linked to drugs trafficking, the illicit arms trade, cyber fraud and other serious crimes.”

In his latest EO, the President highlighted the addition of “proliferation financing” as among the government’s concerns.

FATF said proliferation financing is providing funds or financial services for the development or trade of nuclear, chemical and biological weapons.

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

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