Duterte forms panel to curb money laundering, terrorism financing

PRESIDENT Rodrigo Duterte, through Executive Order (EO) 68, has created a committee that will stamp out money laundering and terrorism financing in the country.

Under EO 68, the National Anti-Money Laundering and Countering the Financing of Terrorism Coordinating Committee, otherwise known as Nacc, is tasked to provide "strategic direction" and ensure "effective implementation" of action plans against money laundering and terrorism financing.

The Anti-Money Laundering Council, along with relevant government agencies, has formulated and adopted a National Anti-Money Laundering and Countering the Financing of Terrorism Strategy (Nacs) that provides "coordinated and strategic approach" in public and private sectors toward combating money laundering and terrorism financing.

"There is a need to establish a national coordinating committee that will provide strategic direction and ensure the effective implementation of the Nacs," Duterte's EO read.

The Nacs, implemented in 2018 until 2022, is a strategic and collective response in the form of actions plans to the risks, gaps and problem areas cited under the Philippine National Risk Assessment (NRA).

The NRA on money laundering and terrorism financing reports has assessed the overall exposure of the country to money laundering and its related predicate offenses, such as terrorism and terrorism and terrorism financing.

The assessment has also identified and analyzed the money launder and terrorism financing's risks of the different sectors and entities covered under Republic Act 9160 or the Anti-Money Laundering Act.

Executive Secretary or his duly authorized representative is delegated as Nacc chairperson, while Bangko Sentral ng Pilipinas governor and Anti-Money Laundering Council (AMLC) head are tasked to be the panel's vice chairpersons, according to EO 68.

Other members include secretaries of Foreign Affairs, Finance, Justice, National Defense, Local Government, and Trade; Securities and Exchange Commission chairperson; Insurance commissioner; Philippine Amusement and Gaming Corporation head; Cagayan Economic Zone Authority administrator; and Aurora Pacific Economic Zone and Free port Authority president.

The Ombudsman may become a member of the Nacc subject to concurrence.

The Nacc is mandated to coordinate the development and implementation of policies against money laundering and terrorism financing; recommend policy and operational actions consistent with the Nacs's strategic objectives; and ensure the efficient and effective roles and responsibilities of relevant government agencies.

The committee is also instructed to invite other government agencies and instrumentalities to be part of the Nacc or any of its sub-committees, as may be necessary.

It should also formulate and adopt operational guidelines and rules of procedure for the implementation of the Nacs; call upon any relevant agencies to provide assistance; convene and consult public and private stakeholders; facilitate the period conduct of the money laundering and terrorist financing risk assessment; and evaluate the effectiveness of the Nacs.

The Nacc should also coordinate with technical assistance providers in the implementation of action plans provided in the Nacs, and promote activities to spread awareness of the strategies against money laundering and terrorism financing.

Under EO 68, the Nacc is also organized into five sub-committees primarily responsible for the implementation of specific strategic objectives and relevant action plans of the Nacs.

The sub-committees are directed to meet at least once every quarter, or as often as may be necessary.

Funds necessary for the implementation of the action plans under Nacs would be charged against existing appropriations of the concerned government agencies.

Funds that will be used for the coordination, logistics, and operations of the Nacc and sub-committee meetings would be taken from the AMLC's appropriations.

EO 68 was signed by Duterte on November 12, but a copy of the document was released by MalacaƱang just on Wednesday, November 21. (SunStar Philippines)

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