PRESIDENT DUTERTE APPROVES NATIONAL AML/CFT STRATEGY
In a nod to the Anti-Money Laundering Council’s (AMLC’s) calculated plan to contain money laundering and terrorism financing, President Rodrigo R. Duterte issued Executive Order (EO) No. 68 on 12 November 2018, approving the National Anti-Money Laundering and Counter-Financing of Terrorism Strategy (NACS). The United Nations Office on Drugs and Crime (UNODC) had provided valuable insights to the AMLC in crafting the NACS as part of its technical assistance program.*
Taking the cue from the UNDOC’s technical experts Tom Hansen and Hernan Longos, both based in the UNODC Regional Offices in Bangkok, Thailand, the AMLC crafted the NACS guided by the Second National Risk Assessment (NRA) Report, along with the functions and priorities of relevant agencies as well as current trends. The NRA was spearheaded by the AMLC, pursuant to Memorandum Circular No. 64, issued by the Executive Secretary, Office of the President of the Philippines.
With inputs and support from the National Government and law enforcement agencies, and private and non-profit sector institutions, the Second NRA, which covers the years 2015 and 2016, gauged the threats stemming from proceeds-generating predicate offenses and the vulnerabilities in the country’s anti-money laundering/countering the financing of terrorism (AML/CFT) systems. The NRA involved the different financial sectors and other designated non-financial businesses and professions, and identified risks to the country’s AML/CFT regime.