Print

 The NACS lays out seven concrete objectives ranging from enhancement of Philippine laws and regulations, strengthening the AMLC’s investigations and prosecutions, coordinated action among government agencies, development of mechanisms to deter money laundering and financing of terrorism, improved supervision of covered persons, international cooperation, and information dissemination to combat money laundering and terrorism financing.

 EO No. 68 also created the National AML/CFT Coordinating Committee (NACC), a body tasked to oversee implementation of the NACS, composed of various government agencies, including the Bangko Sentral ng Pilipinas, the Insurance Commission, the Securities and Exchange Commission, the Department of Finance, and the Department of National Defense, among others. The AMLC will serve as the Secretariat for the NACC.

 “With his approval of the NACS, the President recognizes that an effective AML/CFT system demands cooperation and commitment among government and private sectors,” says AMLC Secretariat Executive Director, Atty. Mel Georgie B. Racela. “Though these sectors have already been collaborating in the past, the NACS standardizes our country’s approach. Our agencies, offices, and institutions all have different mandates and responsibilities, but the NACS methodically gets us all together toward the common goal of fighting money laundering and terrorism financing.”

 The adoption of the NACS came at a time when the Philippines is undergoing its Third Round Mutual Evaluation, a multi-jurisdictional review of the country’s AML/CFT regime, particularly, technical compliance of its laws and regulations with international standards, and  their effectiveness. The On-Site Mutual Evaluation by assessors, who were appointed by the Asia Pacific Group on Money Laundering, was just concluded last 28 November 2018.  Representatives, including heads, of multiple government agencies, private financial institutions, and non-profit organizations participated in the activity.

 

EO No. 68 was published in the Official Gazette on 19 November 2018.

 

To view EO No. 68, please click this link.

To view National Anti-Money Laundering and Countering the Financing of Terrorism Strategy (NACS), please click this link.

 

*      The NACS marks the most recent collaboration between the AMLC and the UNODC, whose relationship spans more than a decade. The UNODC had previously assisted the AMLC in providing theoretical, investigative and analytical trainings to its personnel in the Secretariat and officers of law enforcement and other government agencies; policy-making; and strategy formulation.