Philippines’ Financial Intelligence Unit Gets Boost from US-Funded Program
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The Philippine government has taken a significant step in its fight against terrorism financing with the launch of “Today’s Integrated Financial Intelligence Unit” on July 12. The program, funded by the Department of State’s Counterterrorism Bureau and supported by international partners, aims to enhance the country’s capacity to counter terror financing by promoting information sharing between analysts, investigators, and prosecutors.
Enhancing Information Sharing
The event brought together participants from the Philippine Department of Justice and Anti-Money Laundering Council (AMLC), as well as officials from the United States Embassy in Manila. The AMLC Executive Director thanked the US for its continued assistance and cooperation in combating financial crimes, acknowledging that the Philippines has yet to secure convictions in terror financing cases.
Determination to Make Progress
Despite this challenge, the AMLC Executive Director expressed optimism about the country’s determination to make progress, particularly following the recent “grey listing” of the Philippines by the Financial Action Task Force. The grey listing was a wake-up call for the government to take concrete steps to strengthen its financial regulations and combat money laundering.
Success Story: ICITAP’s Countering Terror Financing Course
In a side conversation with US Embassy officials, Senior Philippine Terrorism Prosecutor credited ICITAP’s previous course on countering terror financing with jump-starting cooperation between AMLC investigators and DOJ prosecutors. Since then, the government has developed six terror financing cases, marking significant progress in the country’s anti-terrorism efforts.
Strong Partnership between the Philippines and the US
The success of this program is a testament to the strong partnership between the Philippines and the US in combating transnational crimes. The collaboration between the two countries demonstrates their commitment to fighting terrorism and promoting financial stability in the region.