Duterte orders adoption of national anti-money laundering strategy

Dharel Placido, ABS-CBN News

Posted at Nov 21 2018 02:10 PM

MANILA - President Rodrigo Duterte has signed an executive order on the adoption of a national strategy on anti-money laundering and countering terrorism financing, a document released by the Palace on Wednesday showed.

Duterte signed on Nov. 12 EO No. 68 which adopts the National Anti-Money Laundering and Countering the Financing of Terrorism Strategy (NACS) 2018-2022.

In signing the EO, Duterte explained that there is a need to harmonize anti-money laundering and countering terrorism financing efforts of relevant government agencies and private stakeholders.

The EO mandates all relevant government agencies and instrumentalities to adopt the strategy in the formulation and implementation of all their plans and programs which may have an impact on anti-money laundering and countering financing of terrorism efforts of the government.

The order also creates a national anti-money laundering and countering financing terrorism coordinating committee, which shall facilitate inter-agency coordination focused on the development of national policies on anti-money laundering and countering financing of terrorism.

Among the functions of the coordinating committee are to provide the overall policy and strategic direction and oversee the implementation of the NACS, and ensure the roles and responsibilities of relevant government agencies are efficiently and effectively carried out.

The Executive Secretary shall chair the coordinating committee, while the Bangko Sentral ng Pilipinas Governor and Anti-Money Laundering Council Chairperson shall serve as vice-chairpersons.

The coordinating committee shall also be organized into several sub-committees responsible for the implementation of specific strategic objectives and action plans of the NACS.

These sub-committees are the Financial Intelligence, Law Enforcement and Prosecution Sub-Committee, Supervision of Financial Institutions Sub-Committee, Supervision of Designated Non-Financial Business and Professions Sub-Committee, Terrorism Financing and Proliferation Financing Sub-Committee, and Anti-Money Laundering/Countering Financing of Terrorism Awareness Sub-Committee.