BSP orders banks: Report transactions by suspect terror groups

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has ordered banks to report suspicious transactions undertaken by 16 groups linked to terrorist organizations such as the Communist Party of the Philippines (CPP), New People’s Army (NPA) and National Democratic Front (NDF).

BSP Deputy Governor Chuchi Fonacier directed all BSP supervised financial institutions to immediately implement the freeze orders issued by the Anti-Money Laundering Council (AMLC) against identified organizations of the CPP, NPA and the NDF.

“Banks and other financial institutions are reminded to submit to the AMLC a written return, pursuant to applicable laws and regulations, transaction report on all previous transactions of the subjects of designation within five days from effectivity of the sanctions freeze orders,” Fonacier stated in Circular Letter No. 2022 – 021.

The AMLC issued a resolution on Feb. 22 pertaining to sanctions freeze order against 16 groups linked to the CPP, NPA and NDF that were classified as underground organizations.

The groups tagged as terrorists by the Anti-Terrorism Council last Jan. 26 include the Revolutionary Council of Trade Unions, Federation of Labor Organizations, National Association of Peasants, Patriotic Movement of New Women, Kabataang Makabayan or Patriotic Youth, Katipunan ng Gurong Makabayan or Association of Patriotic Teachers, Makabayang Samahan Pangkalusugan or Patriotic Health Association and the Liga ng Agham para sa Bayan or League of Scientists for the People.

Others that were tagged as terrorist groups are the Committee of Lawyers for the People, Artists and Writers for the People, Patriotic Government Employees, Revolutionary Organization of Overseas Filipinos and their Families, Christians for National Liberation, Cordillera People’s Democratic Front, Moro Resistance and Liberation Organization and the Revolutionary Organization of Lumads.

AMLC executive director Mel Georgie Racela said the sanction also covered property or funds derived or generated from other assets owned or controlled, directly or indirectly, by the groups as well as property or funds of persons and entities acting on behalf or at the direction of the subject of designation.

Racela said the public and covered institutions under Republic Act 10168 or the Terrorism Financing Prevention and Suppression Act as well as government agencies, including the Land Transportation Office, Land Registration Authority, Registry of Deeds, Maritime Industry Authority and Civil Aviation Authority of the Philippines, are required to comply with the freeze order.