Marcos orders adoption of national anti-money laundering, counter-terrorism financing
President Ferdinand 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) 2023-2027.
“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 in Executive Order No. 33.
EO No. 33, dated July 4, 2023 and 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.
*Given the expiration of the NACS for 2018-2022 under EO No. 68, s. 2018, it was imperative to adopt a new national strategy for 2023-2028. 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 new EO amends EO 68.*
Considering the noted deficiencies in the matter of proliferation financing, the EO renamed the previous National Anti-Money Laundering and Countering the Financing of Terrorism Strategy to National Anti-Money Laundering, Counter-Terrorism Financing and Counter-Proliferation Financing Strategy. An additional sub-committee on Proliferation Financing was likewise created.
The National AML/CFT Coordinating Committee (NACC) was given additional power to reorganize its sub-committees. The National Intelligence Coordinating Agency (NICA) was also included as additional member of the NACC given its mandate in intelligence gathering.
Marcos also directed the NACC “to cover as well activities related to countering proliferation financing.”
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 (AMCL), will serve as Vice Chair.
NACC members will be composed of heads of the 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.
On top of the powers and authority under EO No. 68, which created the National AML/CTF Coordinating Committee, the NACC shall “facilitate inter-agency coordination relative to the development of national AML/CTF/CFP policies in accordance with the existing AML/CTF/CFP laws and international standards, and ensure the effective and efficient implementation of the national AML/CTF/CFP strategy by providing directives to concerned agencies on major issues on the implementation thereof and monitoring the formulation and implementation of relevant strategy plans and programs.”
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. Presidential News Desk
