AMLC freezes NDF-related assets, funds

AMLC freezes NDF-related assets, funds

MANILA – All assets related to the National Democratic Front (NDF) has been issued freeze order by the Anti-Money Laundering Council (AMLC) after the former has been designated as terrorist organization by the Anti-Terrorism Council (ATC) last June.

AMLC, under Resolution No. TF-42, Series of 2021 posted on its website, said the Sanctions Free Order will “take effect immediately.” Based on the document, the resolution took effect on July 19, 2021.

The freeze order covers property or funds that are owned or controlled by NDF, which is also known as the National Democratic Front of the Philippines (NDFP); property or funds that are wholly or jointly owned or controlled, directly or indirectly by the terrorist group; property or funds derived or generated from NDF funds; and property or funds of persons and entities acting in behalf of the NDF.

The resolution tasked government institutions that are covered by the Terrorism Financing Prevention and Suppression Act of 2012 (TFPSA) to submit to AMLC “a written return, pursuant to, and containing details required under, Rule 16.c of the implementing Rules and Regulations of TFPSA.”

It said “any person, whether natural or juridical, including covered persons, private companies, government owned and controlled corporation, and government agencies and instrumentalities” who directly or indirectly deals and makes available any property, funds or any services to NDF “shall be prosecuted to the fullest extent of the law pursuant to TFPSA.”

It added that “all persons, organizations, associations or groups of persons whose property or funds are frozen, including related accounts are hereby informed that they may avail of the remedies under Republic Act 11479, otherwise known as Anti-Terrorism Act of 2020, and its implementing Rules and Regulations and under the TFPSA and its Implementing Rules and Regulations,” it added. (PNA

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