The Office of the President of the Philippines Reorganized the “National Anti-Money Laundering and Counter-Terrorism Financing Coordinating Committee,” To Cover Counter-Proliferation Financing Activities
On July 4, 2023, the Office of the President of the Philippines issued Executive Order No. 33, s. 2023 which adopted the NACC 2023-2027, reorganized the National Anti-Money Laundering and Counter-Terrorism Financing Coordinating Committee, and amended EO No. 68, S. 2018.
Executive Order No. 68 was issued by then President Rodrigo Duterte which adopted the National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Strategy (NACS) 2018-2022. With the expiration of NACS 2018-2022, the Office of the President issued Executive Order No. 33, S. 2023 wherein the Philippine Government adopted NACS 2023-2027.
Under the NACS 2023-2027, the National AML/CTF Coordinating Committee was renamed to National Anti-Money Laundering/Counter-Terrorism Financing/Counter-Proliferation Financing Coordinating Committee (NACC) to cover activities related to countering proliferation financing as well.
The NACC is chaired by the Executive Secretary, while the Governor of the BSP shall serve as the Vice-Chairperson. The members consist of the heads of the different agencies listed under Section 2 of the EO.
The NACC shall provide the overall policy and strategic direction, and oversee the implementation of the NACS 2023-2027. It shall also facilitate inter-agency coordination relative to the development of national AML/CTF/CPF policies in accordance with existing laws and international standards.
The NACC Terrorism Financing and Proliferation Financing Sub-Committee was reorganized into 2 separate sub-committees. The Terrorism Financing Sub-Committee shall be responsible for the action plans focused on terrorism financing and the confiscation of proceeds thereof. On the other hand, the Proliferation Financing Sub-Committee shall be responsible for action plans focused on proliferation financing and the confiscation of proceeds thereof.
Lastly, the AML/CTF Awareness Sub-Committee was renamed as AML/CTF/CPF Awareness Sub-Committee to also cover activities related to countering proliferation financing. It shall be responsible for implementing action plans related to AML/CTF/CPF awareness.
The full Executive Order issuance may be accessed here.