The Anti-Money Laundering Council (AMLC) has lifted sanctions on eight delisted terrorist individuals while maintaining sanctions on 11 others. The council has also implemented new measures to freeze assets linked to terrorist activities. These developments come as the Philippines moves closer to exiting the FATF grey list, a global watchdog against money laundering.
The Anti- Money Laundering Council ( AMLC ) has made significant updates to its sanctions against individuals linked to terrorism. In a recent notice signed by Bangko Sentral ng Pilipinas (BSP) Governor and AMLC Chairperson Eli M. Remolona Jr., alongside AMLC members Securities and Exchange Commission (SEC) Chairperson Emilio B. Aquino and Insurance Commissioner Reynaldo A.
Regalado, the council announced the lifting of sanctions and freeze orders on funds and assets belonging to eight individuals who have been delisted as terrorists. These individuals include prominent figures like Jose Maria Sison, Jorge Madlos, Caloy, Abdias Gaudiana, Abdul, Benito Enriquez Tiamzon, Wilma Austria-Tiamzon, and Dionesio Micabalo, among others. However, the AMLC has chosen to maintain the freeze order sanctions and other targeted financial sanctions against 11 other individuals, including Vicente Portades Ladlad, Rafael De Guzman Baylosis, Julieta De Lima Sison, Rey Claro Cera Casambre, Alan Valera Jazmines, and Adelberto Silva.The council also indicated that sanctions against individuals like Ma. Concepcion Araneta-Bocala, Myrna Sularte, Tirso Lagora Alcantara, Tomas Dominado, and Ma. Loida Tuzo Magpatoc remain in effect. The AMLC has implemented a new policy to swiftly freeze properties or funds owned or controlled by terrorist individuals directly linked to specific acts, plots, or threats. This includes assets wholly or jointly owned, either directly or indirectly, by the designated individuals. Furthermore, the council has ordered the freezing of any property or funds derived from assets controlled by the designated individuals, as well as those belonging to persons or entities acting on their behalf or under their direction.The AMLC has directed all relevant financial institutions and government agencies to submit detailed reports pursuant to Rule 16.c of the Implementing Rules and Regulations of the Terrorism Financing Prevention and Suppression Act of 2012. This move signifies the Philippines' unwavering commitment to combating terrorism financing and strengthening its financial system. Recently, the AMLC announced that the country is on the verge of exiting the Financial Action Task Force (FATF) grey list, a global watchdog against money laundering. The FATF has acknowledged that the Philippines has addressed all 18 action plan items that led to its inclusion on the grey list in June 2021. An on-site visit is scheduled between now and February 2025 to verify the country's progress and finalize its exit from the grey list. This achievement reflects the collaborative efforts of various government agencies and their dedication to meeting the FATF's stringent standards, ensuring the long-term security and integrity of the Philippines' financial system
AMLC Terrorism Sanctions FATF Philippines Money Laundering
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