MANILA – Philippine authorities have frozen more than P1 billion worth of assets from Jan. 18 until July 2019, and P52 million of these are terrorism funds.
This was disclosed by Anti-Money Laundering Council executive director Mel Georgie Racela in his welcome remarks during the opening of the three-day 5th Counter-Terrorism Financing (CTF) Summit in Shangri-La at the Fort Tuesday.
Racela said their partnership with law enforcement agencies have been extended regarding the monitoring of the use of virtual currencies (VC), as the country is currently on advanced stages in VC regulations.
“The AMLC has also received nearly 90,000 suspicious transaction reports, as well as customer due diligence documents from virtual currency exchanges; released an analysis of suspicious transaction reports; and assisted law enforcement agencies in investigation related to virtual currencies,” he added.
National Security adviser Hermogenes Esperon Jr., in his speech during the same event, said terrorists have become more sophisticated on how to outdo authorities both for logistical issues and funding.
He said among the challenges that authorities face is how to track monetary flows of terrorist groups since most of these transactions are in cash.
Another issue is the introduction of VCs and crypto currencies, thus, law enforcement agencies here have tapped the help of their counterparts overseas.
“And this is where we have to step up our financial intelligence capabilities to determine how illicit funds are raised or generated, moved or transferred, and used,” he said, citing that terrorist supporters are exploiting cyberspace through social networking sites.
“Money is the lifeblood of terrorists and organized crime syndicates. They cannot operate without it. Cutting off their life source is thus, a crucial step to undermine their capabilities and frustrate their ability to carry out terrorist attacks,” he added. (PNA)
