Anti-Money Laundering
With money laundering being one of the perennial problems of the Philippines, the BSP has issued a number of measures to bring the Philippines' regulatory regime on money laundering closer to international standards. In September 2001, the Anti-Money Laundering Act (AMLA) signed into law and defined money laundering a criminal offense, prescribed penalties for such crimes committed and formed the foundation of a central monitoring and implementing council called the Anti-Money Laundering Council (AMLC). The AMLC is composed of the Governor of the Bangko Sentral as Chairman and the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members. It acts unanimously in the discharge of its functions.
Read more about this topic: Bangko Sentral Ng Pilipinas