At the forefront of money laundering

and terrorism financing National Risk Assessment

Under the international standards on combating money laundering (ML) and terrorism financing (TF), countries are required to identify, assess and understand ML and TF risks and are mandated, based on said assessment, to apply a risk-based approach to ensure that measures to prevent or mitigate ML and TF are commensurate with the risks identified. In line with this, the Office of the President issued Memorandum Circular 64, dated 20 June 2014, enjoining the heads of Departments, Agencies, Offices and Instrumentalities named in Annex A thereof to extend support and active participation in the conduct of the NRA.

Participant-Agencies for the NRA Process are as follows:

1. Anti-Money Laundering Council
2. Bangko Sentral ng Pilipinas
3. Insurance Commission
4. Securities and Exchange Commission
5. Anti-Terrorism Council
6. Bureau of Customs
7. Bureau of Immigration
8. Cooperative Development Authority
9. Civil Service Commission
10. Department of Environment and Natural Resources
11. Department of Finance
12. Department of Foreign Affairs
13. Department of Justice
14. Department of Social Welfare and Development
15. Department of Trade and Industry
16. Inter-Agency Council Against Trafficking
17. Intellectual Property Office of the Philippines
18. Intelligence Service Armed Forces of the Philippines
19. Land Registration Authority
20. National Bureau of Investigation
21. National Intelligence Coordinating Council
22. Office of the Ombudsman
23. Office of the Solicitor General;
24. Presidential Anti Organized Crime Commission
25. Philippine Amusement and Gaming Corporation
26. Philippine Center on Transnational Crime
27. Philippine Drug Enforcement Agency
28. Philippine Deposit Insurance Corporation
29. Philippine Ports Authority
30. Philippine National Police – Anti-Cybercrime Group
31. Philippine National Police – Anti-Kidnapping Group
32. Philippine National Police – Aviation Security Group
33. Philippine National Police – Criminal Investigation and Detection Group
34. Philippine National Police –Highway Patrol Group
35. Philippine National Police – Intelligence Group
36. Professional Regulation Commission – Board of Accountancy
37. Professional Regulation Commission – Board of Real Estate Service
38. Supreme Court – Office of the Court Administrator

The AMLC was designated as the lead agency for the conduct of the NRA.

The NRA Process involves 3 stages. The first stage, the Initial Assessment, involves the establishment of the Sub-Working Groups and the NRA Secretariat and the Initial Workshop. On 7-9 October 2015, the World Bank conducted a workshop that discussed the NRA concepts, introduced the NRA tools and assessment methodology. The second stage consists of Data Collection, Analysis and Drafting of the NRA Report. From October 2014 to the present, Groups collected data from their institutions and re-evaluated the inputs made during the initial workshop. There are also on-going meetings among the Groups to validate initial findings and draft reports.

The third and final stage is the Finalization of the NRA Report. This includes the Final NRA Workshop which will serve as a venue for the final review of the NRA Report. It is expected that NRA Report will assist the different agencies in the prioritization and efficient allocation of resources in combating ML/TF risk areas. The Final NRA Report is set to be released on the First Quarter of 2016.

Download PDF version: of Memorandum Circular 64, dated 20 June 2014

• AMLC defends mandate: ‘Without Fear or Favor’