President Rodrigo Duterte has issued an executive order adopting a four-year strategy against money laundering and on countering terrorism financing.

Executive Order No. 68, which Duterte signed on November 12, provides the adoption of the National Anti-Money Laundering and Countering the Financing of Terrorism Strategy (NACS) 2018-2022.

With this, all the concerned government agencies were directed to adopt the NACS in the formulation and implementation of all their plans and programs which may have an impact on AML/CFT efforts of the government.

The same EO also provides for the creation of a National AML/CFT Coordinating Committee (NACC).

The NACC shall facilitate inter-agency coordination focused on development of national policies on AML/CFT consistent with relevant AML/CFT laws and international standards.

It shall also "champion" the implementation of the NACS 2018-2022 and provide directives to relevant agencies on major issues on the implementation of the strategy.

The committee shall be headed by the Executive Secretary or his duly authorized representative and the vice chair shall be the Bangko Sentral ng Pilipinas governor and AMLC chairperson.

The members include the secretaries of the Departments of Foreign Affairs, Finance, Justice, National Defense, Interior and Local Government, and Trade and Industry, chairperson of the Securities and Exchange Commission, Insurance Commissioner, chief executive officer and chairperson of the Philippine Amusement and Gaming Corporation, administrator of the Cagayan Economic Zone Authority, and president of the Aurora Pacific Economic Zone and Freeport Authority.

The Ombudsman may become a member of the NACC subject to his/her concurrence.

The AMLC shall serve as the secretariat for the NACC, which is organized into several sub-committees primarily responsible for the implementation of specific strategic objectives and relevant action plans of the NACS.

The order shall take effect immediately upon publication in the Official Gazette or in a newspaper of general circulation. Celerina Monte/DMS