THE Bangko Sentral ng Pilipinas (BSP) has ordered banks and other financial institutions to immediately freeze funds, properties and accounts linked to individuals designated as terrorists.
The directive issued by BSP Deputy Governor Lyn Javier covers Janice Q. Javier, also known as Yayo, Mulan, Ingrid, Pim, Salma, Tori, Tax and Iyam, who was designated under ATC Resolution No. 86 (2026), and Josephine Parra Porquia, also known as Gie, Ghie, Jie and Gigi, who was designated under ATC Resolution No. 87 (2026).
The freeze orders took effect immediately.
The BSP said the requirement covers funds or property directly or indirectly owned or controlled by the designated subjects.
Banks were also required to submit a written return to the AMLC containing the details required under Rule 16.c of the implementing rules and regulations of Republic Act 10168, or the Terrorism Financing Prevention and Suppression Act (TFPSA).
In addition, banks and other BSFIs must submit suspicious transaction reports covering all previous transactions of the designated subjects.
Both requirements must be complied with within five days from the effectivity of the sanctions freeze orders.
Any person or entity, including covered persons, that directly or indirectly deals in any way or by any means with property or funds that it knows or has reasonable ground to believe are owned or controlled by the designated subjects may be prosecuted to the fullest extent of the law under the TFPSA.
The same applies to funds derived or generated from property or funds owned or controlled, directly or indirectly, by the terrorists.
This means financial institutions and other covered persons are not only expected to identify and freeze assets directly held by the sanctioned individuals but must also avoid transactions or services involving funds or property that fall within the scope of the sanctions.