BSP Memo – Dec. 7, 2001 (Re: Anti-Money Laundering)

BANGKO SENTRAL NG PILIPINAS MEMORANDUM

Series of 2001

To : All Banks and Off-Shore Banking Units For your information, quoted hereunder is Resolution No. 15 dated December 7, 2001 of the Anti-Money Laundering Council (AMLC), created under the provisions of R.A. No. 9160.

"Republic of the Philippines
ANTI-MONEY LAUNDERING COUNCIL
Bangko Sentral ng Pilipinas Complex
Manila

R E S O L U T I O N NO. 18

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 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,

Whereas, on November 5, 2001, the Council issued Resolution No. 7 circularizing among the Supervising Authorities and covered institutions defined in R.A. No. 9160, the aforementioned UNSCR Nos. 1267, 1269, 1333, 1368 and 1373 as well as Resolution No. 8 likewise circularizing among said authorities and institutions Executive Order 13224 and its Annex dated September 23, 2001 and the two (2) lists of terrorist individuals and organizations issued by the United States Government on October 12, 2001 and November 2, 2001 as a supplement to Executive Order No. 13324 and its Annex;

Whereas, on November 7, 2001 And December 4, 2001, the United States Government issued two (2) more lists of terrorist individuals and organizations as additional supplement to Executive Order No. 13224 and its Annex; 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 the measures taken by the United Nations and the United States against terrorism,

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 Terrorist Lists dated November 7 and December 4, 2001 for their information, guidance and appropriation action;
2. To require the Supervising Authorities to circularize among all covered institutions under their respective jurisdictions, copies of Terrorist Lists dated November 7 and December 4, 2001 for their information, guidance and appropriation action; and
3. In connection with Terrorist Lists dated November 7 and December 4, 2001, to require all covered institutions to report covered transactions in accordance with the pertinent provisions of R.A. No. 9160.

RAFAEL B. BUENAVENTURA
(Governor, Bangko Sentral ng Pilipinas)
Chairman

LILIA R. BAUTISTA
(Chairperson, SEC)
Member

EDGARDO T. MALINIS
(Commissioner, Insurance Commission)
Member

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 United States Terrorist Lists dated November 7, 2001 and December 4, 2001 pursuant to pursuant 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 United States Terrorist Lists dated November 7, 2001 and December 4, 2001 are hereto attached for reference.

RAFAEL B. BUENAVENTURA
Governor
December 7, 2001

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