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BSP Memo – Nov. 13, 2001 (Re: Anti-Money Laundering)

BANGKO SENTRAL NG PILIPINAS

13 November 2001

MEMORANDUM
Series of 2001

To : All Banks and Off-Shore Banking Units

For your information, quoted hereunder is Resolution No. 8 dated November 5, 2001 of the Anti-Money Laundering Council (AMLC), created under the provisions of R.A. No. 9160.

"MONEY LAUNDERING COUNCIL Manila, Philippines

Min. No. 1 - November 5, 2001

8. Decision to Require Supervising Authorities to Circularize Executive Order No. 13224 and its Annex issued by President George W. Bush of the United States and Other Terrorist Lists supplemental thereto and Require Covered Institutions to Report Covered Transactions in accordance with the Pertinent Provisions of Republic Act (R.A.) No. 9160

The Council, by unanimous vote, decided as follows:

Whereas Section 3 (i) (12) of Republic Act (R.A.) No. 9160 considers acts of terrorism like the September 11, 2001 terrorist attacks against the United States of America as an unlawful activity transacting the proceeds of which is punishable as money laundering under said law;

Whereas Sections 7 (8) and 13 of R.A. No. 9160 vest in the AMLC the power to act on requests of foreign states for assistance in their own anti-money laundering operations;

Whereas President George W. Bush of the United States of America issued Executive Order No. 13224 and its Annex dated September 23, 2001 identifying certain terrorist individuals and organizations as constituting an unusual and extraordinary threat to the national security, foreign policy and economy of the United States of America;

Whereas the Government of the United States has issued additional ists of terrorist individuals and organizations on October 12, 2001 and November 2, 2001 as a supplement to Executive Order No. 13224 and its Annex dated September 23, 2001;

Whereas the United Nations Security Council has adopted a series of Resolutions expressing its unequivocal condemnation of terrorism, particularly, United Nations Security Council Resolution (UNSCR) Nos. 1267, 1269, 1333, 1368 and 1373 dated October 15, 1999, October 19, 1999, December 19, 2000, September 12, 2001 and September 28, 2001, respectively, and

Whereas as a Charter Member of the United Nations and as a part of the international coalition against terrorism, the Philippine Government must actively support said Resolutions,

Resolved:

  1. To provide the Supervising Authorities, namely, the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission and the Insurance Commission, with copies of Executive Order No. 13224 and its Annex dated September 23, 2001 issued by President George W. Bush of the United States of America and the other Terrorist Lists supplemental thereto dated October 12, 2001 and November 2, 2001 for their information, guidance and appropriate action;
  2. To require the Supervising Authorities to circularize among all covered institutions under their respective jurisdictions, copies of Executive Order No. 13224 and its Annex dated September 23, 2001 and the other Terrorist Lists supplemental thereto dated October 12, 2001 and November 2, 2001 for their information, guidance and appropriate action; and
  3. In connection with Executive Order No. 13224 and its Annex dated September 23, 2001 and the other Terrorist Lists supplemental thereto dated October 12, 2001 and November 2, 2001, to require all covered institutions to report covered transactions in accordance with the pertinent provisions of R.A. No. 9160.

PIO C. GUERRERO
Executive Director"

Pursuant to the foregoing resolution, all banks and off-shore banking units concerned shall make the necessary reports of transactions with terrorists individuals and organizations named in the aforecited Executive Order No. 13224 pursuant to Section 9 (c) in relation to Section 3(b) of R.A. No. 9160 (Anti-Money Laundering Act of 2001) within five (5) working days from occurrence thereof.

Copies of the said Executive Order and its Annex dated September 23, 2001, as well as the Supplemental Lists dated October 12, 2001 and November 2, 2001 are hereto attached for reference.

RAFAEL B. BUENAVENTURA
Governor
13 November 2001




   
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