AMLC freezes ‘terrorist’ assets

AMLC freezes ‘terrorist’ assets

THE ANTI-MONEY Laundering Council (AMLC) has ordered covered financial institutions and government agencies to carry out freeze orders on the accounts and assets of one individual, who was recently designated as a terrorist by the Anti-Terrorism Council (ATC).

Through AMLC Resolution No. TF-52, Series of 2023 and posted on its website, the “dirty money” watchdog said the orders should be implemented immediately against the woman tagged as a terrorist by virtue of ATC Resolution No. 52 dated Oct. 25, 2023.

Under the AMLC resolution, financial institutions will freeze the property or funds owned or controlled by the individual. This is not limited to those assets that can be tied to a particular terrorist act, plot, or threat.

Assets that are wholly or jointly owned by the designated person and those generated from their funds are also expected to be frozen.

Relevant government agencies such as the Land Transportation Office, Land Registration Authority, Maritime Industry Authority, and the Civil Aviation Authority of the Philippines were alerted of the freeze order.

Covered institutions and government agencies were directed to submit a written return for freezing the funds and assets of the designated individual to the AMLC.

This is consistent with the Philippines’ international obligations to comply with terrorism-related resolutions, including the United Nations (UN) Security Council Resolution No. 1373 pursuant to Article 41 of the UN Charter.

Property or funds of persons and entities that are acting with the direction of designated individual are likewise covered by the freeze order.

“All covered institutions are mandated to submit as Suspicious Transaction Report all previous transactions of the designated person within five days from effectivity of the Sanctions Freeze Order,” the AMLC said.

It added that persons, organizations, associations or groups of the person whose assets have been frozen may avail of the remedies under the Anti-Terrorism Act of 2020.

The Anti-Terrorism Act of 2020, which provided for the creation of the ATC, is meant to strengthen the country’s measures against terrorist financing and dirty money. — Keisha B. Ta-asan