6-7-2023 (MANILA) President Ferdinand “Bongbong” Marcos Jr. has issued a directive for all government agencies to adopt a new approach to combat money laundering and counterterrorism financing. The National Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Strategy (NACS) 2023-2027 aims to enhance the Philippines’ anti-money laundering, counter-terrorism financing, and counter-proliferation financing (AML/CTF/CPF) regime, according to a statement from Malacañang on Thursday.
The newly issued executive order, dated July 4 and signed by Executive Secretary Lucas Bersamin, modifies the previous EO 68 implemented during the Duterte administration. The updated order includes the renaming of the National Anti-Money Laundering and Countering the Financing of Terrorism Strategy to the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Strategy.
In addition, a sub-committee on Proliferation Financing, which focuses on the use of funds for the development, transfer, or stockpiling of nuclear, chemical, and biological weapons, has been established. The National AML/CFT Coordinating Committee (NACC) has been granted authority to reorganize its sub-committees, and the National Intelligence Coordinating Agency (NICA) has been included as a new member of the NACC.
President Marcos has directed the NACC to expand its scope to cover activities related to countering proliferation financing. The committee will be chaired by the executive secretary, while the governor of the Bangko Sentral ng Pilipinas, who also serves as the chair of the Anti-Money Laundering Council (AMLC), will act as the vice chair.
The NACC consists of key government agencies, including 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, as well as the NICA.
Furthermore, President Marcos has called for the reorganization of the Terrorism Financing and Proliferation Sub-committee into two separate sub-committees: the Terrorism Financing Sub-committee and the Proliferation Financing Sub-committee.
