media and research - speeches opening remarks for the meeting of asia pacific joint group on money laundering date : may 04, 2022 occasion : meeting of asia pacific joint group on money laundering speaker : bsp governor benjamin e. diokno embers of the joint group, financial action task force secretariat, and the asia pacific group m on money laundering secretariat. our colleagues from various government and law enforcement agencies. good morning and good afternoon. in june 2021, the philippines was placed among the jurisdictions under increased monitoring or the financial action task force ( fatf ) grey list and has been given international co - operation review group ( icrg ) action plan items to be accomplished until january 2023. and i am pleased to share that the political commitment of the philippines in addressing the action plan remains strong and steadfast as all relevant agencies of the philippine government continue to contribute toward producing the expected results over a sustained period. this is evident, in particular, in the constant monitoring and participation of the office of the president of the philippines as well as the department of finance and department of foreign affairs. but just as the philippines is committed to swiftly and concretely implement the action plan as provided by the asia pacific joint group ( apjg ), so, too, must the apjg commit to adhere to the given action plan and refrain from expanding its scope. the philippines, however, truly appreciates the assessment on the other immediate outcomes that the apjg has initially rated as largely addressed, particularly, immediate outcome 3 - 3 on continuing the efforts to implement the new registration requirements and apply proportionate and dissuasive sanctions to unregistered and illegal remittance operators ; and immediate outcomes 10 / 11 - 2 on demonstrating that supervisors undertake risk based supervision of targeted financial sanctions by financial institutions and designated non - financial businesses and professions. the philippines has also demonstrated positive and tangible progress for immediate outcomes 8 - 2 and 9 - 4. in immediate outcome 8 - 2, the action plan calls for the philippines to demonstrate that cross - border measures are applied to all main seaports and airports of the country, including detection of false - declarations of currency and confiscation action resulting therefrom with particular focus on high - risk activities in line with the philippines risk profile. to address this, the philippines has applied upgrades in the regulatory framework of its bureau of customs and subsequently employed cross - border measures in all the country ’ s major international sea and airports. in immediate outcome 9

effects of imposed sustainability standards, and two, that we are deliberate in supporting green finance mobilization not only for the economy's just transition to low carbon but also for climate adaptation on which our country's climate strategy is anchored. we also envision the taxonomy to become a tool for green finance market development. we will be studying possible taxonomy - based market incentives, whether via conventional regulatory levers or something akin to a market pricing mechanism. we want to see the market recognizing the price premium on green investments, which can then enable trading. this idea is quite analogous to what we see in carbon and transition credits. these are potential innovative use cases of the taxonomy to develop and deepen the country's green finance market. we are keen to explore these possibilities and i would be happy to hear your thoughts on this. meanwhile, we recognize that the taxonomy should be complemented by other equally important measures to ensure that financial institutions effectively manage climatechange related risks. we have published initial studies quantifying the impact of climate change and other environmental risks to the financial sector. the bsp will continue to improve our data and methodologies to measure the impact of climate change. we will also continue our work on enhancing sustainability - related disclosures and reporting. the bsp can only do so much. all actors - the financial sector regulators, finance providers, businesses, and relevant government agencies - must work together. we hope the climate forum can catalyze such collaboration. maraming salamat at mabuhay tayong lahat! 2 / 2 bis - central bankers'speeches