Memorandum Circular No. 64, s. 2014

Link to law: http://www.gov.ph/2014/06/20/memorandum-circular-no-64-s-2014/
Published: 2014-06-20

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Office of the President

of the Philippines

Malacañang

MEMORANDUM CIRCULAR NO. 64

ENJOINING ALL CONCERNED AGENCIES TO FULLY SUPPORT AND ACTIVELY PARTICIPATE IN THE CONDUCT OF THE MONEY LAUNDERING / TERRORISM FINANCING (ML/TF) NATIONAL RISK ASSESSMENT (NRA) THROUGH INVOLVEMENT IN THE ML/TF NRA WORKING GROUP

WHEREAS, the Asia/Pacific Group (APG) on Money Laundering is committed to the effective implementation and enforcement of internationally accepted standards to address Money Laundering/Terrorism Financing (ML/TF);

WHEREAS, under the international standards on combating money laundering and terrorism financing, countries are required to identify, assess and understand the money laundering and terrorism financing risks for the country and are mandated, based on said assessment, to apply a risk-based approach to ensure that measures to prevent or mitigate money laundering and terrorism financing are commensurate with the risks identified;

WHEREAS, the Philippines is a member of the APG and in compliance with the international standards on combating money laundering and terrorism financing, the Philippines will be conducting a ML/TF National Risk Assessment (NRA); and

WHEREAS, there is a need to constitute an NRA Working Group consisting of representatives from relevant government agencies and the private sector dedicated to the accomplishment of the objectives and completion of the ML/TF risk assessment process.

NOW, THEREFORE, all concerned Heads of Departments, Agencies, Offices and Instrumentalities of the National Government, specifically those named in ANNEX A, attached herewith, hereinafter referred to as the ML/TF NRA Working Group, are enjoined to extend support and participation in the conduct of the ML/TF NRA. The Working Group shall have nine (9) subgroups, namely: (1) Threat Assessment; (2) National Vulnerability; (3) Banking Sector Vulnerability; (4) Securities Sector Vulnerability; (5) Insurance Sector Vulnerability; (6) Other Financial Institutions’ Vulnerability; (7) Designated Non-Financial Business and Professions Vulnerability; (8) Financial Inclusion Products Risk Assessment; and (9) Non-profit Organizations.

The duly authorized representatives of the member-agencies of the Working Group should be senior officials with rank not lower than Assistant Secretary or its equivalent and shall have technical knowledge and operational experience and with authority to share information. Further, member agencies shall designate an alternate member who should have the same qualifications.

The Anti-Money Laundering Council (AMLC) is designated as the lead agency of the Working Group. Through its Executive Director, the AMLC may issue operational guidance and instructions to the concerned agencies as may be necessary from time to time and may call on other agencies for assistance in the performance of its tasks.

The initial funding requirement of TWO MILLION PESOS (P 2,000,000.00) shall be charged against the Contingent Fund of the Office of the President, subject to the availability of funds and pertinent budgetary, accounting, and auditing rules and regulations. Funding for the subsequent years of operation shall be incorporated in the annual budget of the AMLC.

This Memorandum Circular shall take effect immediately.

By Authority of the President:

(Sgd.) PAQUITO N. OCHOA, JR.
Executives Secretary

Manila, Philippines 20 June 2014

Reference: Annex A

ANNEX A

Financial Intelligence Unit

Anti-Money Laundering Council

Supervisory Authorities

Bangko Sentral ng Pilipinas

Insurance Commission

Securities and Exchange Commission

Law enforcement and other relevant government agencies

Anti-Terrorism Council

Bureau of Customs

Bureau of Immigration

Bureau of Internal Revenue

Cooperative Development Authority

Civil Service Commission

Department of Environment and Natural Resources

Department of Finance

Department of Foreign Affairs

Department of Justice

Department of Social Welfare and Development

Department of Trade and Industry

Inter-Agency Council Against Trafficking

Intellectual Property Office of the Philippines

Intelligence Service Armed Forces of the Philippines

Land Registration Authority

National Bureau of Investigation

National Intelligence Coordinating Agency

Office of the Ombudsman

Office of the Solicitor General

Presidential Anti-Organized Crime Commission

Philippine Amusement and Gaming Corporation

Philippine Center on Transnational Crime

Philippine Drug Enforcement Agency

Philippine Deposit Insurance Corporation

Philippine Ports Authority

Philippine National Police – Anti-Cybercrime Group

Philippine National Police – Anti-Kidnapping Group

Philippine National Police – Aviation Security Group

Philippine National Police – Criminal Investigation and Detection Group

Philippine National Police – Highway Patrol Group

Philippine National Police – Intelligence Group

Professional Regulation Commission – Board of Accountancy

Professional Regulation Commission – Board of Real Estate Service

Supreme Court – Office of the Court Administrator