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The Office of the President of the Philippines issued Memorandum Circular No. 37, emphasizing the urgent implementation of the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Strategy 2023-2027. The Circular reflects the Philippines' commitment to international standards in the fight against money laundering and terrorism financing, reiterating that the Philippines will not tolerate money laundering or terrorism financing and will cooperate in transnational investigations and prosecutions.
M.C. No. 37 highlights the need to expedite the resolution of outstanding Financial Action Task Force (FATF) - International Co-operation Review Group (ICRG) Action Plans and directs government agencies to review and assess their deliverables under these plans. Relevant government agencies, such as supervisors, regulators, law enforcement agencies and prosecutors must accomplish their targets in line with the ICRG action plans and contribute to the country’s efforts to exit the FATF Grey List.
In preparation for the Philippines’ next Mutual Evaluation, M.C. No. 37 also calls for active participation in the country’s next Money Laundering/Terrorism Financing National Risk Assessment (ML/TF NRA). Under international standards, countries identify, assess and understand its ML/TF risks and vulnerabilities, and on the basis of the results, apply commensurate measures to prevent and mitigate the identified risks.
The Anti-Money Laundering Council (AMLC) will lead the ML/TF NRA Working Group, with relevant government agencies participating in the various NRA subgroups. Funding for the initiative will be allocated from relevant agency budgets, subject to budgetary regulations.
The Memorandum Circular takes effect immediately, underscoring the President's commitment to addressing money laundering and terrorism financing in the Philippines.
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Updated 27 October 2023.