Philippines Tightens Financial Sanctions Regulations Amid Anti-Terrorism Efforts
Effective March 3, 2021, the Anti-Money Laundering Council (AMLC) has issued new sanctions guidelines to strengthen the country’s fight against terrorism, money laundering, and proliferation financing.
Revised Guidelines Incorporate Amendments from New Laws
The updated regulations incorporate amendments brought about by Republic Act No. 11479, also known as the Anti-Terrorism Act of 2020, and RA 11521, which further strengthens the anti-money laundering law. The revised guidelines now cover targeted financial sanctions related to:
- Terrorism
- Terrorism financing
- Proliferation financing
These regulations include remedies and relevant links to the United Nations Security Council Sanctions Committee.
New Chapters Added to the Guidelines
Two new chapters have been added to the guidelines:
Chapter 9: Requests for De-Listing from Anti-Terrorism Council Designations
This chapter deals with requests for de-listing from Anti-Terrorism Council designations and provides guidance on the process.
Chapter 10: Targeted Financial Sanctions Related to Proliferation Financing
This chapter focuses on targeted financial sanctions related to proliferation financing, including remedies and relevant links to the United Nations Security Council Sanctions Committee.
Important Reminders
The AMLC has emphasized that all covered persons are required to:
- Download the latest version of the guidelines
- Disseminate it to their respective offices and personnel for reference and proper guidance