On Dec. 28, 2019, the Securities and Exchange Commission (SEC) released on its official website (www.sec.gov.ph) SEC Memorandum Circular 25, Series of 2019 (SEC MC No. 25, s. of 2019), which pertains to the 2019 Guidelines for the Protection of SEC Registered Non-Profit Organizations (NPOs) from Money Laundering and Terrorist Financing Abuse (2019 NPO Guidelines).
The guidelines were issued pursuant to the regulatory powers of the SEC to formulate and enforce standards, guidelines, policies, rules and regulations to carry out the provisions of Republic Act (RA) 11232, or the “Revised Corporation Code” [Section 179 (o), RCC], and RA 8799, or “The Securities Regulation Code,” in order for the SEC to carry out its mandate in protecting the investing public.