[ad_1]
The Philippines exceeded the February 1 deadline set by the Financial Action Task Force (FATF) to enact stricter rules against money laundering and terrorist financing, the chairman of the House banking committee said Sunday.
The Anti-Money Laundering Council (AMLC) published updated implementing rules and regulations for Republic Law No. 11521 on Sunday, further strengthening the 2001 Anti-Money Laundering Law (AMLA).
President Rodrigio R. Duterte signed the law on January 29.
“When it comes to punctuality, we are over the deadline,” Quirino’s representative Junie E. Cua, who heads the House committee, said in a phone call.
Mr. Cua said that immediate implementation of the law would support the country’s attempt to avoid being “gray-listed” by the FATF.
Under the law, AMLC can enforce to befinancial sanctions, such as an asset freeze, in relation to the proliferation of weapons of mass destruction and their to befinancing.
“The AMLC, in accordance with the international obligations of the Philippines, shall be authorized to issue a sanctions freezing order with respect to the property or funds of an organization, association, group or any individual designated to comply with binding resolutions related to terrorism, “the council said under Regulatory Issue No. 2.
The updated rules empower the Anti-Terrorism Council to designate covered individuals, following the provisions of the controversial Republic Law No. 11479 or the 2020 Anti-Terrorism Law. This is in addition to the individuals and groups mentioned in the consolidated UN Security list Advice.
The AMLC can order covered persons and government agencies to immediately freeze assets, property or funds and related accounts of groups and individuals “without prior notice” based on the provisions of the new anti-money laundering law and the new law. against terrorism.
Once a freeze order takes effect, all transactions, conversions and movements of funds and assets will be blocked unless they qualify as “authorized transactions,” the AMLC said.
This means that the frozen accounts will only be able to make the necessary payments for the costs of the administrative and judicial procedures that occurred before the appointment of an individual or group.
Additionally, “humanitarian waivers” or transactions intended to support the livelihood, family needs, and medical procedures of designated individuals and groups will be allowed through frozen accounts.
“These [humanitarian exemptions] they are characteristics proposed by the Senate. We agreed to accept that because I think it is fair in the spirit of humanitarian reasons, ”said Mr. Cua.
The revised AMLC regulation also provides for the lifting of a freezing order in case of mistaken identity, following the provisions of the Anti-Terrorism Law. The delisting that may occur at the request of foreign or international jurisdictions could also result in the lifting of a freezing order.
Updated rules also allow groups or individuals to befile a petition with the Court of Appeals to determine the basis for a to befinancial penalty against you within 20 days.
Last year, several lawsuits were filed against the anti-terrorism law, alleging that it is unconstitutional and could violate human rights.
In December, freezing orders were issued for bank accounts and assets of the Communist Party of the Philippines and the New People’s Army following their designation as terrorists by the ATC. The same order was given for accounts and assets linked to local and international Islamic extremist groups.
The FATF gave the Philippines a year to address the gaps in the fight against money laundering and terrorism. to befund and enforce these stricter measures. The original deadline of October 1, 2020 was moved to February 1 due to the pandemic.
The country was removed from the FATF gray list in February 2005, to befive years after its listing in 2000. ORffiCitizens have warned that returning to the list could affect remittance and investment flows due to stricter processes and cross-border financial documents. – Luz Wendy T. Noble
[ad_2]
