Malacañang directed the “urgent implementation” of the National Anti-Money Laundering, Counter-Terrorism Financing and Counter-Proliferation Financing Strategy (NACS) 2023-2027 and ordered all concerned government agencies to support efforts in fighting money laundering and terrorism financing.
The country has yet to correct eight “deficiencies” in its anti-money laundering and terror financing campaign in a bid to exit the Financial Action Task Force ‘(FATF’s) Grey List by January.
Executive Secretary Lucas Bersamin, in a memorandum circular issued on October 16, tasked all agency heads to review and assess their deliverables under the FATF’s International Co-operation Review Group (ICRG) Action Plan, assign focal persons to complete the deliverables by November 30 and establish a mechanism to monitor the progress of each deliverable.
“In accordance with their respective mandate, all concerned departments, agencies, bureaus, and instrumentalities of the national government, including government-owned or —controlled corporations are directed, and all the local government units are encouraged, to immediately and timely formulate and implement relevant strategies, plans and programs to implement NACS 2023-2027,” the memorandum said.
The circular said the National AML/CFT Coordinating Committee (NACC) Secretariat shall furnish all concerned agencies of the respective deliverables and office targets under the ICRG Action Plans and other relevant documents including pertinent NACC resolutions.
It also tasked the AMLC to submit to the Office of the Executive Secretary, through the Office of the Deputy Executive Secretary for Legal Affairs, a comprehensive report on the status of the implementation of the NACS 2023-2027, particularly the Strategic Objective 1, on or before December 8.
he FATF in June 2021 placed the Philippines on its list of “Jurisdictions Under Increased Monitoring” or the “Grey List” for its failure to show tangible and positive progress in addressing all key recommended actions in its Third Mutual Evaluation Report.
As of September, “out of 18 ICRG Action Plans, there are still eight that the Philippines must address to exit the FATF Grey List by January 2024.”
The country is also set to undergo another Mutual Evaluation by 2026.
Under international standards on combating money laundering and terrorism financing, countries are required to identify, assess and understand the money laundering and terrorism financing risks for the country, and based on the said assessment, apply a risk-based approach to ensure that measures to prevent or mitigate ML/TF are commensurate with the risks identified. Jocelyn Montemayor
