PRESIDENT Ferdinand Marcos Jr. has ordered all government offices and departments to adopt the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy (NACS) 2023-2027.
Marcos issued Executive Order 33, dated July 4, 2023, which mandates all departments, agencies, bureaus, and offices of the National Government, including government-owned or controlled corporations (GOCCs), to formulate and implement relevant strategy plans and programs to execute the NACS 2023-2027, which is an amendment to EO 68 issued in 2018.
The local government units are also encouraged to do so.
The NACS is aimed to address the International Cooperation Review Group (IGRG) Action Plans, ensure that the country exits the Financial Action Task Force (FATF) Grey List, and improve its anti-money laundering, counter terrorism financing, and counter proliferation financing (AML/CTF/CPF) regime.
“This is part of the government’s efforts to move the Philippines out of the Grey List of the FATF’s ‘Jurisdictions Under Increased Monitoring’ of countries that failed to show tangible and positive progress in addressing all key recommended actions in the Third Mutual Evaluation Report (MER),” the Malacañang said.
Under the EO, National Anti-Money Laundering and Countering the Financing of Terrorism Strategy was renamed to National Anti-Money Laundering, Counter-Terrorism Financing and Counter-Proliferation Financing Strategy (National AML-CFT) and an additional sub-committee on Proliferation Financing was also created.
It has vested additional authority for the National AML/CFT Coordinating Committee (NACC) to re-organize sub-committee.
As part of intelligence gathering, the National Intelligence Coordinating Agency (Nica) was included as additional member of the NACC, which will be chaired by the executive secretary, while the governor of the Bangko Sentral ng Pilipinas, who is the concurrent chair of the Anti-Money Laundering Council (AMCL), will serve as vice chair.
Among the members of the committee are the heads of the Department of Foreign Affairs, Department of Finance, Department of Justice, Department of National Defense, Department of the Interior and Local Government, Department of Trade and Industry, Securities and Exchange Commission, Insurance Commission, Philippine Amusement and Gaming Corporation, Cagayan Economic Zone Authority, Aurora Pacific Economic Zone and Freeport Authority, and the Nica. (SunStar Philippines)