Duterte EO adopts strategy to fight money laundering, terrorism financing
MANILA, Philippines – President Rodrigo Duterte's just-released Executive Order No. 68 orders government to implement a national strategy to fight money laundering and terrorism financing from 2018 to 2022.
The EO dated November 12, released on Wednesday, November 21, also creates a committee to oversee and coordinate all government and private sector efforts in pursuit of the strategy.
The plan is formally known as the National Anti-Money Laundering and Countering the Financing of Terrorism Strategy (NACS). The committee is referred to as the National AML/CFT Coordinating Committee (NACC).
The committee must craft operational guidelines and rules of procedure to implement the strategy, and consult public and private stakeholders on operational and policy issues that may have implications on the NACS.
The NACC is to be chaired by the Executive Secretary or a representative while its vice chairpersons shall be the Bangko Sentral ng Pilipinas governor and Anti-Money Laundering Council chairperson.
Its members are the Foreign Secretary, Finance Secretary, Justice Secretary, Defense Secretary, Interior Secretary, Trade Secretary, Securities and Exchange Commission chairperson, Insurance Commissioner, Philippine Amusement and Gaming Corporation CEO and chairperson, Cagayan Economic Zone Authority administrator, and Aurora Pacific Economic Zone and Freeport Authority president.
The AMLC will serve as the committee's secretariat.
The committee is divided into sub-committees that each deal with the different aspects of the strategy.
These sub-committees are:
- Financial Intelligence, Law Enforcement and Prosecution Sub-Committee
- Supervision of Financial Institutions Sub-Committee
- Supervision of Designated Non-Financial Businesses and Professions Sub-Committee
- Terrorism Financing and Proliferation Financing Sub-Committee
- AML/CFT Awareness Sub-Committee