Amendments to Titles I and VI of the 2021 Anti-Money Laundering/Counter-Terrorism Financing Guidelines for Designated Non-Financial Businesses and Professions

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AMLC TRAININGS (DECEMBER 2023)

PHILIPPINES' CONTINUED EFFORTS IN STRENGTHENING AML/CTF/CPF REGIME IN RESPONSE TO FATF STATEMENT

In response to the Financial Action Task Force (FATF) public statement on October 27, 2023, we highlight that the Government of the Philippines had reaffirmed its steadfast commitment to bolstering the effectiveness of its Anti-Money Laundering, Counter Terrorism Financing and Counter Proliferation Financing (AML/CTF/CPF) regime.

 Since June 2021, guided by high-level political commitment, the Philippines has actively collaborated with the FATF and the Asia/Pacific Group on Money Laundering (APG) to enhance the country's AML/CTF measures. Executive Order No. 33, Series of 2023, and Memorandum Circular No. 37, issued by President Ferdinand R. Marcos Jr., underscore this unwavering commitment and set the strategic direction for the country's initiatives.

 Key government agencies have rallied behind these directives, focusing on:

 Enhancing risk-based supervision of Designated Non-Financial Businesses and Professions (DNFBPs).

1. Implementing AML/CTF controls to manage risks linked with casino junkets.
2. Refining law enforcement agencies' access to Beneficial Ownership (BO) information, ensuring its accuracy and timeliness.
3. Intensifying money laundering (ML) investigations and prosecutions in line with identified risks.
4. Elevating the identification, investigation, and prosecution of terrorism financing (TF) cases.

 Despite the FATF's note on the lapse of January 2023 deadlines, it is crucial to highlight that the nation's pertinent agencies remain dedicated to swiftly and effectively implementing the outstanding action plans. The Philippines has made leaps in becoming a strong international partner in ML and TF investigations, building a strong BO information system in line with best practices, and establishing a robust DNFBP risk-based framework ahead of the global network. The relevant agencies' commitment extends beyond timelines, focusing on establishing a robust and compliant AML/CTF framework in the Philippines.

 We now also call upon the private sector to continue contributing towards efforts to exit the greylist. First, for covered persons - designated non-financial businesses and professions (DNFBPs), registration with AMLC of lawyers, accountants, company service providers, dealers in precious metals and stones, and real estate brokers and developers is a critical component of an effective risk-based supervision of DNFBPs. Secondly, all corporations are urged to comply with the Securities and Exchange Commission's (SEC) directives in enrollment with the SEC Electronic Filing and Submission Tool (e-fast) and timely submission of the General Information Sheet (GIS) with BO declarations.

 The Philippines values the guidance and recommendations from international bodies like the FATF and remains committed to continuous improvement and collaboration. By working hand in hand with our international partners and leveraging the collective strength of our national agencies, the Philippines continues its momentum in addressing its strategic deficiencies and further ensure the resilience and integrity of its financial landscape.

Posted : 30 November 2023

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Requiring the Submission of Updated General Information Sheet (GIS) from Corporate Customers

To: ALL Covered Persons (CPs)

The Anti-Money Laundering Council (AMLC) reminds Covered Persons (CPs) to conduct the appropriate customer due diligence (CDD) on their corporate clients, including the updating of their customers’ records and information pursuant to Chapter VI, Rule 18 of the 2018 Implementing Rules and Regulations of the Anti-Money Laundering Act, as amended.

In line with this, CPs are enjoined to refer to the following lists from the Securities and Exchange Commission (SEC):

1. List of Non-User Corporations Eligible to Avail of Amnesty:

https://www.sec.gov.ph/wp-content/uploads/2023/10/2023Notice-and-List-of-Non-User-Corporations-Eligible-to-Avail-of-Amnesty.pdf

1. List of Delinquent Corporations Eligible to Avail of Amnesty:

https://www.sec.gov.ph/wp-content/uploads/2023/10/2023Notice-to-and-List-of-Delinquent-Corporations-Eligible-to-Avail-of-Amnesty.pdf

In relation thereto, CPs are instructed to:

1. Require their corporate clients which are included in the said lists to submit their latest GIS as part of the CPs’ ongoing CDD.
2. Advise such corporate clients to coordinate directly to the SEC pursuant to the Notices issued on 17 October 2023 (Annex A).

The AMLC shall continue to monitor the implementation of this advisory and will issue further guidelines as needed.

30 November 2023.