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AMLC Freezes Assets of 16 Groups Labeled as Terrorist Organizations

Richard Marley
February 24, 2022
2 minutes read
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The Anti-Money Laundering Council in the Philippines has frozen the accounts of 16 organizations after the Anti-Terrorism Council designated them as terrorist groups.

The Anti-Money Laundering Council (AMLC) has imposed the Sanctions Freeze Order under Resolution No. TF-50 on the 16 organizations deemed to be terrorist groups by the Anti-Terrorism Council. The AMLC has directed the Sanctions Freeze Order to take effect immediately. The 16 organizations are as follows:

Revolutionary Council of Trade Unions
Katipunan ng mga Samahang Mangagagawa (KASAMA) or Federation of Labor Organizations
Pambansang Katipunan ng Magbubukid or National Association of Peasants
Malayang Kilusan ng Bagong Kababaihan (MAKIBAKA) or Patriotic Movement of New Women
Kabataang Makabayan (KM) or Patriotic Youth
Katipunan ng Gurong Makabayan (KAGUMA) or Association of Patriotic Teachers
Makabayang Samahan Pangkalusugan (MASAPA) or Patriotic Health Association
Liga ng Agham para sa Bayan (LAB) or League of Scientists for the People
Lupon ng Manananggol para sa Bayan (LUMABAN) or Committee of Lawyers for the People
Artista at Manunulat para sa Sambayanan (ARMAS) or Artists and Writers for the People
Makabayang Kawaning Pilipino (MKP) or Patriotic Government Employees
Revolutionary Organization of Overseas Filipinos and their Families (COMPATRIOTS)
Christians for National Liberation (CNL)
Moro Resistance and Liberation Organization (MRLO)
Revolution Organization of Lumads (ROL)

The sources were unable to mention which bank accounts these organizations held or how they were identified. AMLC Secretariat Mel Georgie Racela said in a statement that the free order was issued in response to the ATC designating the 16 groups as terrorist organizations in accordance with Resolution No.28, dated January 26th, 2022.

According to the watchdog, the sanction order includes all related accounts owned or linked to the terrorist organizations, their acts, or threats. The order also includes the freezing of properties wholly or jointly owned by the group, as well as property bought using the funds or assets owned by the group. The property owned by individuals within the different organizations was also included.

“All covered persons are mandated to submit as Suspicious Transaction Report all previous transactions of the designated persons within five days from the effectivity of this Order,” Racela added.

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

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Qatar Takes Steps to Strengthen its AML/CFT and Sanctions Compliance
A webinar organised by ICC Qatar emphasised the efforts of Qatar to strengthen its AML/CFT and sanctions compliance across financial and non-financial sectors.

The International Chamber of Commerce Qatar (ICC Qatar), held a webinar on “Spotlight on the latest risk and financial crime trends” in collaboration with Refinitiv Protiviti and FinScan on 18th May.

Keynote presentations were given in the virtual event by Nipun Srivastava, Managing Director and the Middle East Leader of Financial Crime and Regulatory Advisory Practice at Protiviti, Marina Agathangelou, Customer Success Manager at Refinitiv, and Ibrahim Doubli, Regional Director, Middle East & Africa at FinScan Compliance & Data Quality Solutions.

Depicting the latest events in Eastern Europe, and how the problems related to data security with advanced matching technology can help in making the risk and compliance measures of the company more robust, major attention was paid to Financial Action Task Force (FATF) Mutual Evaluations inspections of the Gulf Cooperation Council (GCC); the sanctions and the recent financial frauds trends in the webinar.

Srivastava told the participants about the actions Qatar has been implementing to strengthen its AML/CFT and sanctions compliance framework across various financial and non-financial institutions.

Agathangelou said the Mutual Evaluation is just an initial phase of work to prepare the country to combat current and emerging financial threats. With the implication of the automation/machine learning based programs, Qatar will be able to invest its resources efficiently in combating financial frauds.

“Implementation of the Public Private Partnerships among the National Anti-Money Laundering and Terrorism Financing Committee (NAMLC), Qatar Central Bank (QCB), Financial Information Unit (FIU) and other bodies may bring out the best industry tools for aiding the government to complete their national agenda” added Agathangelou.

Doubli showed appreciation towards the ICC Qatar for conducting an effective webinar while saying “I look forward to continuing working with the institutions in Qatar in their efforts to comply with fast-changing local and global regulations”.

Suggested Read: China Strengthens Anti-Money Laundering Rules for Financial Institutions

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Crypto firms not only need to analyse the risks associated with their customers but also need to consider the upcoming trends, use cases, and regulatory updates. That’s not all, the biggest challenge is the threats emerging from anonymous transactions made through crypto wallets or Bitcoin ATMs.

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Furthermore, there are other crucial aspects of crypto operations including the technologies to be used. It often happens that crypto firms that aren’t well-established deploy tech solutions that are based on the concept of one solution for every problem. For this reason, instead of looking for automation and outsourcing operations, crypto firms must incorporate robust solutions for identity verification, AML screening, and transaction monitoring.

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AML regulations that are imposed on crypto firms throughout the world are more or less similar in the sense that the global trends in the crypto sector are the same. Crypto firms that operate in more than one country or jurisdiction need to analyse the slight difference in trends of both the markets.

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In the EU, crypto regulations are issued by the 5th Anti-Money Laundering Directive, which included exchanges between crypto and fiat currencies within the scope of AML rules. That being said, the EU is working on introducing a new AML/CFT regulation that is aimed at bringing new important conditions for virtual asset service providers. The UK government has also introduced new plans to create a global crypto technology hub in the country, including the adoption of stablecoins as a payment method. The government is also identifying the risks associated with virtual assets in an effort to analyse the effectiveness of the economic crime legislation. The Financial Conduct Authority has also sent letters to crypto firms to mitigate risks.

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What Shufti Pro Offers

Anti-Money Laundering screening involves the verification of an end-user by screening them against watch lists compiled by regulatory authorities such as the FATF, UN, FINTRAC, AUSTRAC, and others. It involves authenticating the user information against criminal watch lists, global sanctions, and Politically Exposed Person (PEP) lists. As a result, fraudulent customers are detected and compliance targets are easily met.

To prevent instances of money laundering and similar financial crimes, cryptocurrency exchanges must have adequate AML checks and KYC procedures in place. These practices have not only been endorsed by global regulatory authorities but have shown encouraging results in the real world as well. As cryptocurrency adoption is showing no signs of slowing down, firms must invest in the right AML solutions to streamline compliance and fraud detection processes.

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AMLC Freezes Assets of 16 Groups Labeled as Terrorist Organizations

Cryptocurrencies and AML Compliance

Challenges Faced by Crypto Firms

Crypto AML Regulations

US and Canada’s Crypto AML Regulations

Europe’s Crypto AML Regulations

Asia Pacific’s Crypto AML Regulations

What Shufti Pro Offers

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