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Philippines Steps Up Efforts to Combat Terrorism Financing

The Philippine government has reiterated its commitment to fully address terrorism financing (TF) crimes that transcend boundaries, emphasizing the need for stronger coordination and collaboration between public and private sectors.

Strengthening Public-Private Partnership

To combat TF effectively, the report recommends expanding the Public-Private Partnership (PPP) framework to promote trust and confidence among sectors and agencies. This will enable the sharing of priorities, challenges, and best practices to further combat TF.

Updating Red-Flag Indicators and Suspicious Triggers

The report also suggests continuously updating and disseminating red-flag indicators, suspicious triggers, and case typologies to regulators and the private sector, particularly to financial institutions (FIs) as they are the first line of defense in disrupting TF-related activities.

Share Risk Information

To identify potential terrorist financing activities and disrupt their operations, the report emphasizes the need for continuous sharing of risk information with FIs for more efficient and proactive reporting of suspicious transactions.

Capacity Building Initiatives

To address capacity building needs among community-based organizations, particularly micro-small and medium-sized banks (MSBs) and non-profit organizations (NPOs), the report recommends conducting thematic and targeted capacity building initiatives.

Designation of Terrorists and Terrorist Organizations

The report also stresses the importance of fully implementing the designation of terrorists and known terrorist organizations under the Anti-Terrorism Act and Terrorism Financing Prevention and Suppression Act. This will increase awareness among all financial sectors, the general public, and other business sectors, potentially leading to increased ST reporting and investigations/prosecutions relating to terrorism and TF.

Best Practices Sharing

Finally, the report recommends continuously sharing best practices not only among government agencies but also between the private and public sectors. This will further strengthen compliance and investigations regarding terrorism and TF.

Conclusion

The Philippine government’s efforts to combat TF are a crucial step in preventing terrorist activities and protecting its citizens from harm. By strengthening coordination and collaboration between public and private sectors, the country can effectively address the challenges posed by TF and prevent the financing of terrorist groups.