Philippines Reiterates Commitment to Combat Terrorism Financing
Manila, Philippines - The Philippine government has reiterated its commitment to addressing terrorism financing (TF) crimes that transcend national borders.
Strengthening Coordination and Collaboration
In a recent meeting with financial institutions and law enforcement agencies, officials emphasized the need for stronger coordination and collaboration between the public and private sectors in detecting and identifying terrorist linkages and networks. Financial institutions have access to data that can help detect TF activities, while government agencies are responsible for investigating and prosecuting suspected terrorists.
Raising Awareness and International Cooperation
The meeting also highlighted the importance of raising awareness among civil society groups, schools, and rural communities, which are often targeted by terrorist groups. Participants agreed that inter-agency and international cooperation is crucial in addressing the challenges faced in the campaign against terrorism and TF.
Proposed Recommendations and Action Plans
To achieve this goal, the government has proposed several recommendations and action plans to mitigate the risk exposures to TF and involvement of various relevant agencies and the private sector, including:
- Strengthening Public-Private Partnership (PPP) frameworks to enhance collaboration between the public and private sectors.
- Updating and disseminating red-flag indicators, suspicious triggers, and case typologies to regulators and the private sector to improve detection and reporting of TF activities.
- Sharing risk information with financial institutions for more efficient and proactive reporting of suspicious transactions.
- Conducting outreach programs across all segments of society, including schools and rural areas, to raise awareness about TF and its impact.
- Implementing thematic and targeted capacity-building initiatives for financial institutions, particularly microfinance banks and non-profit organizations (NPOs).
- Designating terrorists and known terrorist organizations in accordance with United Nations Security Council Resolution 1373.
Capacity Building and Best Practices
The government also emphasized the need to reassess its capacity and resources dedicated to combating terrorism and TF, as well as sharing best practices between government agencies and the private sector.
Red-Flag Indicators and Suspicious Triggers
Meanwhile, the Anti-Money Laundering Council (AMLC) has released a list of red-flag indicators and suspicious triggers observed by covered persons, which include:
- Unusual account activity
- Air travel bookings to conflict zones
- Donations to organizations linked to terrorist activities
Conclusion
The Philippines’ commitment to combating TF is part of its efforts to address terrorism and protect its citizens from the threats posed by these groups. The government’s proposed recommendations and action plans aim to strengthen coordination, raise awareness, and improve detection and reporting of TF activities.