The Anti-Money Laundering Council (AMLC) approved the issuance of a sanction freeze order against the properties and funds owned or controlled by the Communist Party of the Philippines-New People’s Army (CPP-NPA) and other individuals or entities connected to the group.
This was confirmed by Department of Justice (DOJ) Secretary Menardo Guevarra based on the AMLC Resolution dated December 23, 2020.
The sanction freeze order was released following the Anti-Terrorism Council Resolution on December 9, 2020 defining the CPP-NPA as a terrorist organization.
Under the implementing rules and regulation of the Anti-Terrorism Act, the said order will remain in effect until lifted.
According to AMLC Executive Director Mel Racela, “there are no accounts under the name of CPP/NPA, but the FO (freezer order) covers the related accounts (RA) of said organization. RA means all accounts opened and maintained for the benefit of said organization, the identification of which the banks and other covered persons will play a very important role.”
Racela also pointed out that the sanction freeze order aims to “preemptively deprive designated terror organizations of resources to prevent possible terror attacks.” – PTV News
