AMLC approves freeze order on CPP, NPA related bank accounts

The Anti-Money Laundering Council (AMLC) approved a freeze order on accounts related to the Communist Party of the Philippines (CPP) and its armed wing the New People's Army (NPA), the Department of Justice (DOJ) said Sunday.

Justice Secretary Menardo Guevarra said the AMLC approved the freeze order last Wednesday, December 23, 2020, after the group was designated a terrorist organization by the Anti-Terrorism Council through a resolution dated December 9.

"The AMLC can already move in the premises at any time after due designation by the ATC," Guevarra said in a message to reporters.

For his part, AMLC executive director Mel Georgie Racela clarified that the freeze order covers related accounts of the CPP-NPA, or those opened and maintained for the benefit of the group, as there are no accounts under the CPP/NPA.

"These statutory provisions are intended to preemptively deprive designated terror organizations of resources to prevent possible terror attacks," he explained in a separate message.

The AMLC is mandated to investigate money laundering and other violations of the Anti-Money Laundering Act of 2001 to protect the integrity and confidentiality of bank accounts and to ensure that the Philippines will not be used as a money-laundering site for the proceeds of unlawful activity. — DVM, GMA News