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AMLC freezes assets of terrorist groups
By MAYVELIN U. CARABALLO, TMTJanuary 16, 2021
The Anti-Money Laundering Council (AMLC) has frozen the bank accounts and other assets of groups designated as terrorists by the government.
In a January 13 circular, the Bangko Sentral ng Pilipinas deputy governor, Chuchi Fonacier, informed financial institutions under its supervision of the AMLC’s order freezing the assets of the Communist Party of the Philippines and its armed wing, the New People’s Army, after they were declared as terrorist groups by the Anti-Terrorism Council.
The order also applies to groups in Southeast Asia affiliated with the Islamic State in Iraq and Syria (ISIS): Dawlatul Islamiyah Waliyatul Masrik, Dawlatul Islamiyyah Waliyatul Mashriq, IS East Asia Division, Maute Group, Islamic State East Asia, Maute ISIS, Grupong ISIS, Grupo ISIS, Khilafah Islamiyah, Khilafah Islamiyah Mindanao, Ansharul Khilafah, Bangsamoro Islamic Freedom Fighters-Bungo, Bangsamoro Islamic Freedom Fighters-Abubakar, Jama’atu al-Muhajirin wal Ansar fil Filibin and Daulah Islamiyah.
Fonacier directed the institutions to submit to the AMLC a written return containing the details required under Rule 16.c of the implementing rules and regulations of the Terrorism Financing and Prevention Act of 2012.
The banks must also submit suspicious-transaction reports on all previous transactions of the groups labeled as a terrorist organization within five days of receiving the AMLC order.
Fonacier warned banks they will be prosecuted if they “deal directly or indirectly with any property or funds that they know or have reasonable ground to believe is owned or controlled by the designated persons, organizations, associations or groups of persons, including funds derived or generated from property or funds owned or controlled, directly or indirectly, by those subjects of designation.”
She also cautioned them against making available “any property or funds, or financial services or other related services to the designated persons, organizations, associations or groups of persons.”
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