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NDF assets frozen

Republika

Following the designation of the National Democractic Front (NDF) as terrorist organization by the Anti-Terrorism Council (ATC) last month, all assets related to the organization has been issued freeze order by the Anti-Money Laundering Council (AMLC).

The Sanctions Free Order will “take effect immediately,” said AMLC under Resolution No. TF-42, Series of 2021 as posted in its website.


The resolution took effect on July 19, 2021, according to the deocument.
The freeze order covers property or funds owned or controlled by NDF, which is also known as the National Democratic Front of the Philippines (NDFP); property or funds wholly or jointly owned or controlled, directly or indirectly by the terrorist group; property or funds derived or generated from NDF funds; and property or funds of persons and entities acting in behalf of the NDF.


The resolution tasked government institutions covered by the Terrorism Financing Prevention and Suppression Act of 2012 (TFPSA) to submit to AMLC “a written return, pursuant to, and containing details required under, Rule 16.c of the implementing Rules and Regulations of TFPSA.”


It said any person, whether natural or juridical, including covered persons, private companies, government owned and controlled corporation, and government agencies and instrumentalities who directly or indirectly deals and makes available any property, funds or any services to NDF shall be prosecuted to the fullest extent of the law pursuant to TFPSA.


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