BSP told banks and financial institutions to work with AMLC.
BSP — On Tuesday, the Bangko Sentral ng Pilipinas told banks and financial institutions to work with the Anti-Money Laundering Council (AMLC).
The central bank reminded all of its BSFIs (BSP supervised financial institutions) to report and coordinate with AMLC any suspicious transactions following its release of 16 groups that were issued SFOs (sanctions freeze orders).
In a circular letter signed on March 7, BSP Deputy Governor Chuchi G. Fonacier said that BSFIs should submit to the AMLC a written return, pursuant to applicable regulations and laws and suspicious transaction report on all previous transactions of the subjects of designation within 5 days from the effectivity of the SFO.
The central bank regularly disseminates AMLC resolutions on SFOs.
Manila Bulletin reported that AMLC flagged down 16 groups they have identified as connected with the Communist Party of the Philippines – New People’s Army – National Democratic Front of the Philippines (CPP-NPA-NDFP) last February 22.
As per the Anti-Terrorism Council (ATC), the government has tagged the 16 groups as terrorists under the law and are slapped with SFOs.
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Fonacier said that the “freezing without delay” will apply to funds or property as per the ALMC resolution — including related accounts that are owned or controlled by the subject of the designation and is not limited to those that are directly related or can be tied to a particular terrorist act, threat, or plot.
“For information and strict compliance/implementation,” Fonacier instructed BSP supervised financial institutions in the circular letter.
Based on a report on Manila Bulletin, AMLC Resolution No. TF- 50, series of 2022, and “pursuant to their designation as terrorist” by the Anti-Terrorism Council Resolution No. 28 (2022) on January 26, has issued the SFOs to the following:
- Revolutionary Council of Trade Unions (RCTU)
- Katipunan ng mga Samahang Manggagawa (KASAMA)
- Pambansang Katipunan ng Magbubukid (PKM)
- Malayang Kilusan ng Bagong Kababaihan (MAKIBAKA)
- Kabataang Makabayan (KM)
- Katipunan ng Gurong Makabayan (KAGUMA)
- Makabayang Samahan Pangkalusugan (MASAPA)
- Liga ng Agham para sa Bayan (LAB)
- Lupon ng Manananggol para sa Bayan (LUMABAN)
- Artista at Manunulat para sa Sambayanan (ARMAS)
- Makabayang Kawaning Pilipino (MKP)
- Revolutionary Organization of Overseas Filipinos and their Families
- Christians for National Liberation (CNL)
- Cordillera People’s Democratic Front (CPDF)
- Moro Resistance and Liberation Organization (MRLO)
- Revolutionary Organization of Lumads (ROL)
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