EO boosts campaign vs money laundering

MANILA, Philippines — President Duterte has signed an executive order aimed at creating a National Anti-Money Laundering Coordinating Committee (NACC) to strengthen the government’s efforts to fight money laundering activities.

Under the six-page EO 68 signed last Nov. 12, Duterte noted that there is a need to raise the bar on Philippine standards in tackling anti-money laundering activities, citing the Philippine National Risk Assessment on Money Laundering and Terrorism Financing’s assessments on the overall exposure of the country to money laundering and its related predicate offenses. The President referred to terrorism and terrorist financing.

The creation of the coordinating committee was an offshoot of the Anti-Money Laundering Council (AMLC)’s formulation of the National Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Strategy (NACS) to enable the government and the private sector to have a coordinated and strategic approach toward combatting money laundering and terrorism financing in the country.

“Whereas, there is a need to harmonize AML/CFT efforts of relevant government agencies and private stakeholders, and ensure that they are consistent with the NACS and address the ML/TF risks,” the EO read.

“There is a need to establish a national coordinating committee that will provide strategic direction and ensure the effective implementation of the NACS,” it added.

The NACC will provide overall policy and strategic direction and oversee the implementation of the NACS; coordinate the development and implementation of the AML/CFT policies and activities; recommend to relevant agencies policy and/or operational actions, consistent with the strategic objectives of the NACS, to ensure a multi-agency national response to key AML/CFT risks.

The members of the national AML/CFT Coordinating Committee shall be composed of the executive secretary as chairman; Bangko Sentral ng Pilipinas governor and AMLC chairperson as vice-chairman; with the secretaries of finance, foreign affairs, justice, national defense, interior and local government, trade and industry, and securities and exchange commission chairperson; insurance commissioners; chief executive officer and chairperson of the Philippine Amusement and Gaming Corp.; and the administrator of the Cagayan Economic Zone Authority and the president of the Aurora Pacific Economic Zone and Freeport Authority.

The NACC will have the financial intelligence, law enforcement and prosecution sub-committee; supervision of financial institutions sub-committee; supervision of the designated non-financial businesses and professions sub-committee; terrorism financing and proliferation sub-committee and the AML/CFT awareness sub-committee.