Financial Crime World

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Philippines to Crack Down on Terrorism Financing with New Law

The Philippine government has passed a comprehensive law aimed at combating terrorism financing and money laundering in the country. The “Anti-Money Laundering Act” was signed into law by President [Name] on [Date], following its approval by Congress.

Targeted Approach

The new law targets individuals who finance or support terrorist activities, including those who commit crimes outside of Philippine territory but have an impact on the country. It also applies to Filipino nationals who engage in such activities abroad.

Implementation and Enforcement

Under the law, the Anti-Money Laundering Council (AMLC) will be responsible for implementing rules and regulations to effectively enforce the provisions of the Act. The AMLC is required to promulgate rules and regulations within 30 days from the effectivity of the law, which includes designating, delisting, and notifying matters of interest related to persons affected by the Act.

Extradition Provisions

The law also provides for the extradition of foreign nationals who have committed crimes related to terrorism financing, subject to the principle of reciprocity. The Philippines may request or grant extradition under the International Convention for the Suppression of the Financing of Terrorism.

Repealing Clause

Additionally, the law repeals all inconsistent laws, decrees, executive orders, and other issuances, and provides that if any provision is declared invalid or unconstitutional, the remaining provisions will continue to be in force and effect.

Key Provisions of the Law

Extra-Territorial Application

  • The law applies to individuals who commit crimes outside of Philippine territory but have an impact on the country.

Extradition

  • The Philippines may request or grant extradition under the International Convention for the Suppression of the Financing of Terrorism.

Implementing Rules and Regulations

  • The AMLC is required to promulgate rules and regulations within 30 days from the effectivity of the law.

Repealing Clause

  • All inconsistent laws, decrees, executive orders, and other issuances are repealed or modified accordingly.

Effectivity of the Law

The law takes effect 15 days after its complete publication in the Official Gazette or in at least two newspapers of general circulation.