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RESOLUTION NO. 42
Series of 2017
Acting on the Memorandum dated _22_ May 2017 of the Information Management and Analysis Group of the Anti-Money Laundering Council Secretariat, the Council resolved to:
Advisory on the Implementation of the AMLA and its RIRRs and AMLC Reso No. 64 series 2014
It would be recalled that the Financial Action Task Force’s (FATF), in its Public Statement dated 27 June 2014, identified Iran and North Korea as high-risk jurisdictions and required its members and other jurisdictions “to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks” emanating from these jurisdictions.
Thus, in compliance with the above requirement of the FATF and pursuant to its Recommendation 19 which requires countries “to apply countermeasures when called upon to do so by the FATF”, the AMLC issued Resolution No. 64, Series of 2014.
The said AMLC Resolution directs all covered persons to apply enhanced due diligence relative to the jurisdictions identified under the FATF Public Statement dated 27 June 2014. The application of enhanced due diligence is one of the countermeasures under the Interpretative Notes of the FATF Recommendation 19 which could be resorted to by jurisdictions insofar as identified high risk countries are concerned.
Read more: Advisory on the Implementation of the AMLA and its RIRRs and AMLC Reso No. 64 series 2014
FATF Public Statement - 24 June 2016
Busan, Korea, 24 June 2016 - The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.
Jurisdiction subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdictions.
The National Risk Assessment (NRA) is a government-wide activity undertaken to develop risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) actions and facilitate allocation of available resources to control, mitigate, and eliminate risks.
This NRA Report, covering the period 2011 to 2014, discusses the results of the self-assessment by conducted by Philippine authorities using the National Money Laundering and Terrorist Financing Risk Assessment Tool developed and provided by the World Bank. It also presents action plans by the eight sub-groups, namely: 1) Thread Analysis Group; 2) National Vulnerability Assessment Group; 3) Banking Sector Vulnerability Group; 4) Securities Sector Vulnerability Assessment Group; 5) Insurance Sector Vulnerability Assessment Group; 6) Other Financial Institutions Vulnerability Assessment Group; 7) DNFBPs Vulnerability Assessment Group; and 8) Financial Inclusion Product Risk Assessment Group.