The signing of Executive Order 33 by President Ferdinand Marcos Jr. strengthens the government’s battle against money laundering, terrorism financing and proliferation financing, the Anti-Money Laundering Council said over the weekend.
“… This demonstrates the Philippine government’s strong high level political commitment to strengthen the country’s Anti Money Laundering/Counter Terrorism Financing/Counter Proliferation Financing (AML/CTF/CPF) regime,” AMLC told Manila Standard in an emailed statement when sought for comment.
“The NACS 2023-2027 provides strategic direction and coordinated efforts in addressing the remaining International Cooperation Review Group (ICRG) action plan items to exit the Financial Action Task Force grey list,” AMLC said.
“All relevant government agencies, including supervisors, regulators, law enforcement/intelligence agencies and prosecutors are directed to formulate and implement relevant strategy plans and programs to execute the NACS 2023-2027, and to swiftly implement the ICRG action plans,” it said.
The grey list consists of countries that are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing.
Through EO 33, the President directed all government agencies and local government units to adopt the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy (NACS) 2023-2027.
“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 EO said.
The EO said the strategy will ensure that the country exits the FATF grey list. Additionally, it will also allow the Philippines to address the International Cooperation Review Group.
Malacanang said it was imperative to adopt a new national strategy for 2023-2028 with the expiration of the NACS for 2018-2022 under EO No. 68, s. 2018.
NACC will be chaired by the executive secretary, while the Bangko Sentral ng Pilipinas governor will serve as second-in-command.
NACC members will be composed of 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.
The President directed NACC to cover as well activities related to countering proliferation financing.