PHI FIU Targeted Financial Sanctions

On Feb. 21, PHI FIU issued resolution on penalties for ATC.

  • PHI FIU issued resolution no. TF-35, series of 2021, to implement necessary targeted financial sanctions (TFS) on designations made by the anti-terrorism council (ATC).
  • Resolution
  • Repeals resolution TF-01, TF-02, series of 2012; previous freeze orders will continue but will now be based on the anti-terrorism act of 2020 and ATC resolution no. 10.
  • Directs all covered persons and government agencies to freeze funds and other assets that are owned or controlled by the entities designated in the UN consolidated list.
  • Those who deal with property or funds owned or controlled by a designated entities, or makes available property or funds to designated entities, will be criminally charged.
  • Effectiveness
  • Resolution is effective upon completion of its publication.

Regulators PHI FIU
Entity Types Bank; Corp
Reference Res TF-35, PR 2/21/2021
Functions AML; Financial; Reporting; Risk
Countries Philippines
Products Banking; Corporate; Loan
Regions AP
Rule Type Guidance
Rule Date 2/21/2021
Effective Date 2/21/2021
Rule Id 98626
Linked to N/A
Reg. Last Update 2/21/2021
Report Section International

Last substantive update on 02/23/2021