Anti-Money Laundering Council (AMLC) Resolution No. 7 dated November 5, 2001

MEMORANDUM Series of 2001

To    :    All Banks and Off-Shore Banking Units

For your information, quoted hereunder is Resolution No. 7 dated November 5, 2001 of the Anti-Money Laundering Council (AMLC), created under the provisions of R.A. No. 9160.

“The Council, by unanimous vote, decided as follows:

Whereas the United Nations Security Council has adopted a series of Resolutions expressing its unequivocal condemnation of terrorism, particularly, United Nations Security Council Resolution (UNSCR) Nos. 1267, 1269, 1333, 1368 and 1373 dated October 15, 1999, October 19, 1999, December 19, 2000, September 12, 2001 and September 28, 2001, respectively, and

Whereas as a Charter Member of the United Nations and as a part of the international coalition against terrorism, the Philippine Government must actively support said Resolutions,

Resolved:

(1) To provide the Supervising Authorities, namely, the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission and the Insurance Commission, with copies of the aforementioned Resolutions of the United Nations Security Council for their information, guidance and appropriate action;

(2) To require the Supervising Authorities to circularize among all covered institutions under their respective jurisdictions, copies of the aforementioned Resolutions of the United Nations Security Council for their information, guidance and appropriate action; and

(3) In connection with the aforementioned Resolutions of the United Nations Security Council, to require all covered institutions to report covered transactions in accordance with the pertinent provisions of Republic Act (R.A.) No. 9160.

PIO C. GUERRERO Executive Director”

Pursuant to the foregoing resolution, all banks and off-shore banking units concerned shall make the necessary reports of transactions with terrorists and other organizations named in the aforecited resolutions of the United Nations Security Council pursuant to Section 9 (c) in relation to Section 3(b) of R.A. No. 9160 (Anti-Money Laundering Act of 2001) within five (5) working days from occurrence thereof.

Copies of United Nations Security Council Resolution (UNSCR) Nos. 1267, 1269, 1333, 1368 and 1373 dated October 15, 1999, October 19, 1999, December 19, 2000, September 12, 2001 and September 28, 2001, respectively, are hereto attached for reference.

FOR THE MONETARY BOARD

RAFAEL B. BUENAVENTURA Governor