Financial Crime World

Court of Appeals Orders Freeze on Terrorism-Financed Assets Within Six Months

Manila, [Date]

In a landmark ruling, the Court of Appeals has ordered the Anti-Money Laundering Council (AMLC) to issue a freeze order on assets linked to terrorism financing within six months.

Implementing Republic Act No. 10168

The court’s decision is part of its implementation of Republic Act No. 10168, an act defining and penalizing acts of terrorism financing and money laundering. This law aims to prevent the misuse of financial resources for terrorist activities and protect the country’s financial system from terrorist attacks.

Key Requirements Under the Law

Under the law, the AMLC is required to:

  • Identify assets linked to terrorism financing within six months from its effectivity
  • Freeze these assets to prevent their misuse for terrorist purposes

Ruling a Significant Development in Fight Against Terrorism

The Court of Appeals’ ruling is a significant development in the country’s fight against terrorism, as it aims to disrupt the financial networks of terrorist organizations and prevent them from accessing funds for their nefarious activities.

Secretary of Justice Welcomes Decision

“We welcome this decision by the Court of Appeals, which underscores the importance of swift action in preventing the misuse of funds for terrorist activities,” said [Name], Secretary of the Department of Justice. “We will work closely with the AMLC to ensure that all necessary measures are taken to implement this law effectively and protect our country’s financial system from terrorism.”

Collaboration with International Partners

The Court of Appeals’ decision is a significant step forward in the Philippines’ efforts to combat terrorism financing, and we look forward to continuing our collaboration with international partners to disrupt terrorist networks and prevent attacks.

Conclusion

This landmark ruling demonstrates the country’s commitment to preventing the misuse of funds for terrorist activities and protecting its financial system from terrorist threats.