2022 Guidance Paper on Targeted Financial Sanctions (TFS) Implementation

OFFICE OF THE DEPUTY GOVERNOR I FINANCIAL SUPERVISION SECTOR 038 MEMORANDUM NO. M-2022-___ To : All BSP-Supervised Financial Institutions (BSFIs) Subject : 2022 Guidance Paper on Targeted Financial Sanctions (TFS) Implementation In its Resolution No. 1262 dated 25 August 2022, the Monetary Board approved the issuance of the attached guidance paper entitled “Targeted Financial Sanctions Implementation” (Annex A). The guidance paper highlights best practices, scope for improvement, and major challenges on TFS implementation as well as possible ways to address the same. It also identifies emerging typologies on the use of virtual assets for terrorist financing. BSFIs are expected to use this guidance paper in strengthening their existing Anti-Money Laundering/Counter Terrorism and Proliferation Financing (AML/CTPF) controls to effectively implement TFS. For information and guidance. Digitally signed by Chuchi G. Fonacier Date: 2022.09.05 17:55:35 +08'00' CHUCHI G. FONACIER Deputy Governor 05 September 2022 Att: a/s A. Mabini St., Malate 1004 Manila, Philippines * (632) 87087701 * www.bsp.gov.ph * [email protected]

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