January 2, 2011, 3:00pm

http://www.mb.com.ph/articles/296019/bsp-okays-updated-antimoney-laundering-rules

MANILA, Philippines - The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has decided to merely update all rules and regulations on anti-money laundering (AML) instead of an earlier plan to consolidate AML regulations.

A source said that during the last Monetary Board meeting for 2010, the policy-making body reached a consensus to revise earlier proposals to issue a consolidated anti-money laundering rules and regulations or CARR. The purpose of issuing CARR was to encompass all covered institutions under the central bank’s supervision and regulation.

However, the source said it was decided that an update of all AML rules would be more appropriate rather than forming a more ambitious CARR.

Had it been approved, the CARR would have unified all existing BSP circulars, circular letters and other issuances related to anti-money laundering.

The BSP’s supervision and examination sector or SES in late October submitted the proposal to issue CARR to the Monetary Board. The Monetary Board even held special meetings in November specifically to address the proposed consolidation of all AML rules.

The CARR was supposed to enhance the existing framework and to conform to the rules and regulations of known international standards based on the special recommendations on terrorist financing of the Financial Action Task Force.