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BSP Creates Special Committee to Investigate Suspicious Transactions

11.23.2000

The Monetary Board approved the creation of a special BSP committee that will  evaluate and investigate as well as maintain a database of suspicious transactions reported by banks and non-bank financial institutions (NBFIs).  This is in connection with BSP Circular No. 253 (issued on 31 July 2000), directing banks and NBFIs to report within 5 banking days to the appropriate supervising and examining department of the Bangko Sentral any transactions deemed leading to, and/or entered into, for the purpose of laundering proceeds of criminal and other illegal activities. 

This move is aimed at further strengthening the enforcement powers of the Bangko Sentral relative to its anti-money laundering rules and regulations. 

The Monetary Board also designated the Office of the General Counsel and Legal Services (OGCLS) to study the coordination arrangements with law enforcement agencies such as the National Bureau of Investigation for the purpose of investigating, prosecuting and apprehending money launderers for the actual crime they had committed. 

The Special Committee shall be composed of three lawyer representatives from the OGCLS and the Office of Special Investigation (including the chairman) and four deputy directors from the Supervision and Examination Sector.

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