Marcos adopts new strategy vs money laundering, terrorist and weapon financing

MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. has ordered all government agencies to adopt a new strategy on anti-money laundering and counterterrorism financing, Malacañang announced Thursday. 

Malacañang said the adoption of the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy (NACS) 2023-2027 will enable the Philippines to improve its anti-money laundering, counter terrorism financing, and counter proliferation financing (AML/CTF/CPF) regime.

The new EO, dated July 4 and signed by Executive Secretary Lucas Bersamin, amends the Duterte-era EO 68. The Palace has yet to publish the new EO. 

The new order renamed the previous National Anti-Money Laundering and Countering the Financing of Terrorism Strategy to National Anti-Money Laundering, Counter-Terrorism Financing and Counter-Proliferation Financing Strategy.

An additional sub-committee on Proliferation Financing — the use of funds to make, transfer or stockpile nuclear, chemical and biological weapons — was also created.

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Intelligence agency joins committee

The National AML/CFT Coordinating Committee (NACC) was given additional power to reorganize its sub-committees. The National Intelligence Coordinating Agency (NICA) was also included as an additional member of the NACC. 

The president also directed the NACC “to cover as well activities related to countering proliferation financing.”

The NACC 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 (AMLC), will serve as vice chair.

The coordinating council will be composed of heads 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.

Marcos also ordered the reorganization of the Terrorism Financing and Proliferation Sub-commitee into two separate sub-committees—the Terrorism Financing Sub-committee and the Proliferation Financing Sub-committee.