THE United States is closely monitoring possible terrorist financing activities in the Philippines, a high-ranking Treasury official said yesterday.
US Treasury Undersecretary for Terrorism and Financial Intelligence Sigal Mandelker said Washington is particularly keeping a close watch at possible terrorist-related financing through remittances of overseas Filipino workers.
US Treasury Undersecretary for Terrorism and Financial Intelligence Sigal Mandelker said Washington is particularly keeping a close watch at possible terrorist-related financing through remittances of overseas Filipino workers.
In a teleconference with the Philippine media, Mandelker said her office has taken action against suspicious undertakings that could involve the financing of terrorist activities in the country.
She, however, refused to elaborate on her statement and simply said: “What I can say is that, of course, we continue to monitor terror financing related to Manila.”
She, however, refused to elaborate on her statement and simply said: “What I can say is that, of course, we continue to monitor terror financing related to Manila.”
The US Embassy in Manila said Mandelker is in the last leg of her tour of Malaysia, Singapore and Asia which started last March 25.
“Her trip to Asia is part of the US government’s ongoing engagement with partners to discuss shared efforts to counter terrorist financing, money laundering, and other illicit financial threats that could compromise the integrity of the global financial system,” the Embassy said.
It said Mandelker engaged with her counterparts from the ministries of foreign affairs and finance, central banks, and financial regulators, as well as from financial institutions and other private sector and industry stakeholders.
On Saturday, Foreign Affairs Secretary Teodoro Locsin Jr. in a speech at the United Nations headquarters in New York affirmed the country’s commitment to fight terrorism as he announced Manila’s co-sponsorship of UN Security Council Resolution 2462 on combating the financing of terrorism.
In his speech, Locsin stressed that “money is the lifeblood of terrorism” and highlighted the country’s initiatives to combat the illicit financing of terrorism.
He said that the Philippines has already defined terrorist financing as a separate crime and is working on amendments to the Human Security Act to address the exploitation of cyberspace for terrorism.
The Philippines has likewise adopted the 2018-2022 National Anti-Money Laundering and Countering the Financing of Terrorism Strategy.
Locsin also noted that while remittance agencies have been used as a channel for terrorist financing, the challenge is to balance the requirements of counter-terrorism and the needs of OFWs, as remittances account for 9.8 percent of the country’s gross domestic product.
He also cited the need to monitor funds going to non-profit organizations and the relationship between terrorism and the illegal drug trade.
https://www.malaya.com.ph/business-news/news/us-looking-terrorist-financing-through-ofw-remittances
“Her trip to Asia is part of the US government’s ongoing engagement with partners to discuss shared efforts to counter terrorist financing, money laundering, and other illicit financial threats that could compromise the integrity of the global financial system,” the Embassy said.
It said Mandelker engaged with her counterparts from the ministries of foreign affairs and finance, central banks, and financial regulators, as well as from financial institutions and other private sector and industry stakeholders.
On Saturday, Foreign Affairs Secretary Teodoro Locsin Jr. in a speech at the United Nations headquarters in New York affirmed the country’s commitment to fight terrorism as he announced Manila’s co-sponsorship of UN Security Council Resolution 2462 on combating the financing of terrorism.
In his speech, Locsin stressed that “money is the lifeblood of terrorism” and highlighted the country’s initiatives to combat the illicit financing of terrorism.
He said that the Philippines has already defined terrorist financing as a separate crime and is working on amendments to the Human Security Act to address the exploitation of cyberspace for terrorism.
The Philippines has likewise adopted the 2018-2022 National Anti-Money Laundering and Countering the Financing of Terrorism Strategy.
Locsin also noted that while remittance agencies have been used as a channel for terrorist financing, the challenge is to balance the requirements of counter-terrorism and the needs of OFWs, as remittances account for 9.8 percent of the country’s gross domestic product.
He also cited the need to monitor funds going to non-profit organizations and the relationship between terrorism and the illegal drug trade.
https://www.malaya.com.ph/business-news/news/us-looking-terrorist-financing-through-ofw-remittances
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