(Eagle News) – The Philippines co-sponsored the United Nations Security Council (UNSC) resolution combatting the financing of terrorism.
The Department of Foreign Affairs announced this on Saturday, March 30, as it highlighted Philippine efforts in fighting terrorism in its co-sponsorship of UNSC Resolution No. 2462.
“Money is the lifeblood of terrorism,” said Foreign Secretary Teodoro Locsin Jr., in his speech before the UN Security Council on Thursday, March 28, as he cited the country’s initiatives to fight the Illicit financing of terrorism.
The DFA chief earlier supported calls for the European Union to “immediately cease” the flow of funds to local groups in the Philippines which serve as front for the Communist Party of the Philippines-New People’s Army. The CPP-NPA has been classified as a terror organization by the Philippine government.
The Philippines has by law defined terrorist financing as a separate crime and is working on amendments to the Human Security Act to address the exploitation of cyberspace for terrorism, Locsin said.
“The Philippines has likewise adopted the 2018-2022 National Anti-Money Laundering and Countering the Financing of Terrorism Strategy,” a DFA release said.
Locsin cited the need to monitor funds going to non-profit organizations and the relationship between terrorism and the illegal drug trade.
The DFA is also aware that remittance agencies have sometimes been used as a channel for terrorist financing,
“The challenge is to balance the requirements of counter-terrorism and the needs of Overseas Filipino Workers,” it said as the department noted that OFW remittances account for 9.8 percent of the country’s gross domestic product (GDP).
The Philippine counter-terrorism efforts are “anchored on respecting human rights because of the country’s overriding responsibility to protect the law-abiding against the lawless and the innocent against those threatening their safety and well-being,” the DFA said.
