Philippines Tackles Terrorism Financing with Tough Laws
Manila, Philippines - The Philippines has taken a firm stance against terrorism financing by implementing strict laws and regulations to prevent and suppress such activities.
Terrorism Financing Prevention and Suppression Act of 2012
In 2012, President Benigno S. Aquino III signed into law Republic Act No. 10168, also known as the Terrorism Financing Prevention and Suppression Act of 2012. The law aimed to prohibit any person from:
- Dealing with property or funds belonging to designated terrorist individuals and entities
- Making available any financial or related services to them
Implementing Rules and Regulations (IRRs)
The Anti-Money Laundering Council (AMLC) was tasked with promulgating the IRRs of the law, which were published in August 2012. The IRRs outlined the procedures for:
- Freezing without delay the property or funds of designated terrorist individuals and entities named in the Al-Qaida Sanctions List and Taliban 1988 Sanctions List
Resolutions Issued by AMLC
The AMLC has issued several resolutions to implement the law, including:
- Resolution TF-01, Series of 2012: directed the freezing of property or funds of individuals and entities listed in the Al-Qaida Sanctions List
- Resolution TF-02, Series of 2012: targeted those listed in the Taliban 1988 Sanctions List
Financial Action Task Force (FATF) Addition
In February 2016, the FATF added the Philippines to its list of high-risk and non-cooperative jurisdictions. As a result, all covered persons were directed to apply enhanced due diligence in accordance with Rule 9.a.9.a in relation to Rule 9.a.9.b of the Revised Implementing Rules and Regulations (RIRRs) of the Anti-Money Laundering Act of 2001.
Public Reminder
The government has reminded the public that Section 8 of Republic Act No. 10168 prohibits any person from:
- Dealing with property or funds belonging to designated terrorist individuals and entities
- Making available any financial or related services to them
Efforts Aimed at Preventing Terrorism Financing
The efforts aim to prevent the financing of terrorist activities in the country and comply with international standards on anti-money laundering and combating the financing of terrorism (AML/CFT).