BSP to banks: Freeze CPP-NPA-NDF bank accounts

MANILA, Philippines — Banks should immediately freeze the accounts of members of the Communist Party of the Philippines, New People’s Army and National Democratic Front (CPP-NPA-NDF) as part of government efforts to put an end to the local communist movement by cutting off their sources of funding, according to the Bangko Sentral ng Pilipinas.

BSP Deputy Governor Chuchi Fonacier said banks and financial institutions should comply with the resolutions issued by the Anti-Money Laundering Council (AMLC) implementing freeze orders on the bank accounts of the CPP-NPA-NDF following their designation as terrorist groups.

“The public and the BSFIs (BSP-supervised financial institutions) are reminded to report any coercive or illegal fund collection by communist terrorists as these financing activities sustain the violent agenda of the CPP-NPA-NDF that disregards not only our country’s laws but also human life, public safety and right over property,” Fonacier noted under Circular Letter 2021-100.

In an advisory issued early this month, the AMLC said the Anti-Terrorism Council (ATC) warned the public, including politicians, against providing money and material support to communist insurgents.

The ATC declared the CPP-NPA-NDF as terrorists pursuant to the provisions of Republic Act 11479 or the Anti-Terrorism Act.

Apart from money, communist terrorists receive firearms, combat boots, uniforms and technical equipment or gadgets.

The ATC reminded the public that under Section 8 of the Terrorism Financing Prevention and Suppression Act, any person who makes available any property, funds, financial services or other related services to designated persons or organizations may be sentenced to life in prison and asked to pay a fine of up to P1 million.

Recovered documents as well as statements of rebel returnees and other sources confirm that communist terrorists raise funds through extortion, including permits to campaign or win from politicians during elections.

Mining companies, telephone companies, construction firms and other businesses, including project funds from abroad, are the regular and major sources of income of communist rebels.