Financial Sanctions and Embargoes Tighten Grip on Philippines

The Anti-Money Laundering Council (AMLC) has recently issued revised guidelines for targeted financial sanctions, effective March 3, 2021. The updated regulations incorporate key amendments brought about by recent laws, including Republic Act No. 11479, the Anti-Terrorism Act of 2020, and RA 11521, which strengthened the anti-money laundering law.

New Requirements for Financial Institutions

Under the new guidelines, financial institutions in the Philippines will now be required to implement targeted sanctions against individuals and entities linked to:

Terrorism
Terrorism financing
Proliferation financing

The regulations also provide remedies for those affected by these designations and offer links to relevant United Nations Security Council Sanctions Committees.

New Chapters Added to Guidelines

Two new chapters have been added to the guidelines:

Chapter 9: Requests for Delisting from Anti-Terrorism Council Designations

This chapter covers requests for delisting from anti-terrorism council designations, providing guidance on the process and requirements for affected individuals and entities.

This chapter focuses on targeted financial sanctions related to proliferation financing, outlining the requirements for financial institutions to implement these sanctions.

Compliance and Enforcement

The AMLC has emphasized that all covered persons are required to:

Download the latest version of the guidelines
Disseminate the updated guidelines to their respective offices and personnel

to ensure compliance with the new regulations. The aim is to strengthen the country’s anti-money laundering and counter-terrorism efforts, as well as its commitment to international sanctions regimes.

Conclusion

The revised guidelines aim to enhance the Philippines’ ability to combat terrorism financing, proliferation financing, and other related threats while also strengthening its cooperation with international partners. Financial institutions must ensure compliance with these new regulations to prevent financial crimes and maintain a stable and secure financial system.