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Philippines Enshrines Stronger Fight Against Terrorism Financing with New Law

Manila, Philippines - The Philippine government has taken a significant step in its efforts to combat terrorism financing with the signing into law of Republic Act No. 10168, also known as the “Anti-Money Laundering Act of 2001” as amended.

Stricter Regulations on Suspicious Transactions Reporting

The new law aims to prevent and suppress the financing of terrorist activities by providing stricter regulations on suspicious transactions reporting and civil forfeiture procedures. The act also enhances the country’s ability to extradite individuals suspected of committing terrorist-related offenses and provides for the implementation of rules and regulations to effectively carry out its provisions.

Key Provisions

• Requires financial institutions and other covered persons to report suspicious transactions to the Anti-Money Laundering Council (AMLC)
• Provides for the civil forfeiture of property or funds found to be related to terrorism financing
• Enhances the country’s ability to extradite individuals suspected of committing terrorist-related offenses
• Tasks the AMLC with promulgating rules and regulations to implement the provisions of the law

Implementation and Extradition

Under the new law, financial institutions and other covered persons are required to report suspicious transactions to the AMLC in a timely and accurate manner. The AMLC will then review these reports and take necessary action to prevent or suppress the financing of terrorist activities.

The act also provides for the civil forfeiture of property or funds found to be related to terrorism financing, allowing authorities to seize assets linked to illegal activities.

In addition, the law enhances the country’s ability to extradite individuals suspected of committing terrorist-related offenses. The Philippines may request extradition from foreign countries under the International Convention for the Suppression of the Financing of Terrorism and other relevant treaties.

Rules and Regulations

The AMLC is tasked with promulgating rules and regulations to implement the provisions of the new law within 30 days from its effectivity.

Significance

The signing of Republic Act No. 10168 is a significant milestone in the Philippines’ efforts to combat terrorism financing, said President Benigno S. Aquino III. “This law will help us prevent and suppress the financing of terrorist activities and protect our people and country from the threat of terrorism.”

Effective Date

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

Contact Information

For more information, please contact the Anti-Money Laundering Council (AMLC) at amlc@amlc.gov.ph or visit their website at amlc.gov.ph.