Gov’t steps up campaign vs suspicious financial transactions

The government is stepping up the campaign to detect and deter the flow of illicit funds through the country's financial system.

Under Executive Order No. 68, President Duterte created a national committee that will ensure the effective implementation of the National Anti-Money Laundering and Countering the Financing of Terrorism Strategy (NACS).

The anti-money laundering strategy, the government's strategic and collective response to clamp down on suspicious financial transactions, has also been formally adopted as a government policy under the same EO.

“It is the declared policy of the State to ensure that the Philippines shall not be used as a money

laundering site for the proceeds of any unlawful activity,” the order 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.

Under the order, the President designated the Executive Secretary as the chairman of the new committee, with the Bangko Sentral ng Pilipinas governor and Anti-Money Laundering Council chair as vice chairpersons.

The members of the committee are the secretaries of Foreign Affairs, Finance, Justice, National Defense, Interior and Local Government, and Trade and Industry, Securities and Exchange Commission chair, Insurance commissioner, Philippine Amusement and Gaming Corporation chief executive officer and chair, Cagayan Economic Zone Authority administrator, and Aurora Pacific Economic Zone and Freeport Authority administrator.

The Ombudsman may become a member of the committee subject to his/her concurrence.

The President has also directed government agencies to adopt the NACS 2018-2022 in the implementation of their plans related to fighting money laundering and terror financing.

The new national committee has been ordered to provide overall policy and strategic direction and oversee the implementation of the anti-money laundering and terror financing strategy.

It must also coordinate development and implementation of antimoney laundering policies, recommend to government agencies policy and actions, and ensure the responsibilities of government agencies are efficiently carried out.

It will also periodically review and update the NACS when circumstances warrant to keep it relevant.

The order was signed last November 12 by Executive Secretary Salvador Medialdea by authority of the President. It takes effect immediacy upon publication in the Official Gazette or in a newspaper.