on this issue in late march and has held consultative meetings recently. final policy recommendations are expected in the summer. • the fsb is working to have the hedge fund industry bodies bring forward proposals for high quality global best practice standards for hedge fund managers. these are now expected in may. the various interested bodies will assess their adequacy and report in the fall. three distinct efforts are underway internationally on other systemically relevant entities and products : • the joint forum is advancing its project on the differentiated nature and scope of regulation. it covers four areas : ( i ) consolidation and group - wide approach, which deals with non - regulated entities within groups ; ( ii ) hedge funds ( other funds, such as money market funds, will be considered at a later stage ) ; ( iii ) mortgage originators and brokers and other intermediaries ; and ( iv ) risk transfer mechanisms, focusing on credit risk transfer instruments and associated markets. • this group is drawing on iosco ’ s work on unregulated markets and products, focused on securitised products and credit derivatives markets – a consultative document in this area will be put out in the next days. • the imf and the bis are advancing their work on methodologies to quantify systemic risk and identify systemically relevant institutions and activities. there will be discussion in the weeks ahead on the expectations for joint delivery for the fall. all the above address a few of the areas for actions highlighted during the london summit. in addition, • on supervisory colleges, the fsb is reviewing progress in the establishment and operation of the colleges. it is expected that colleges for all selected large and complex groups will have been established by june. • on cross - border crisis management, firm - by - firm groups will be established shortly to review contingency planning for the institutions that have fsb supervisory colleges. • the g20 also called on the fsb and standard setters to assess and raise supervisory and regulatory standards and codes, drawing efficiently on existing processes – including the joint imf / world bank financial sector assessment program ( fsap ). three related objectives under this headings include ( i ) fostering greater adherence to international standards ; ( ii ) helping to identify jurisdictions that lag behind in terms of their implementation of these standards ; and ( iv ) supporting a peer review process among fsb members. the fsb, with its expanded mandate and membership, is well placed to carry through and build on these various initiatives.

benjamin e diokno : 2021 annual anti - money laundering / counter terrorism financing summit message by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), for the 2021 annual anti - money laundering / counter terrorism financing summit, hosted by the anti - money laundering council and fintelekt, virtual, 21 november 2021. * * * welcome to the virtual 2021 annual anti - money laundering / counter - terrorism financing ( aml / ctf ) summit, hosted by the anti - money laundering council and fintelekt. it is a pleasure to come together with you as we carry on with the crucial task of fighting and preventing money laundering and terrorism financing. in 2017, the amlc approved the second national risk assessment – or nra – report, covering the years 2015 and 2016, to reinforce the philippines ’ aml / ctf regime. the second nra found that the level of national money laundering threat is high, arising from the predicate crimes of drug trafficking ; graft and corruption ; fraud ; tax crimes ; smuggling ; intellectual property law violations ; illegal manufacture and possession of firearms, ammunition, and explosives ; and environmental crimes. banks and money service businesses were identified to be the sectors primarily and widely used by criminals to launder the proceeds of crimes. the level of national money laundering vulnerability, on the other hand, is medium. casinos have high vulnerability, while money service businesses and pawnshops have mediumhigh vulnerability. the rest of the sector is medium. however, terrorism threat in the philippines is high. likewise, terrorism financing vulnerability and terrorism financing threat are both high as such organizations appear to have a systematic and established method of raising funds for their operations. based on the overall evaluation of factors, the national money laundering and terrorism financing threat is high ; while the national money laundering and terrorism financing vulnerability is medium. thus, the level of money laundering and terrorism financing risk is medium - high. this assessment is definitely a cause for concern, but the amlc has bolstered and implemented risk - mitigation aml / ctf strategies and initiatives, even in the face of the pandemic. the amlc continues to protect the integrity of the philippine financial system pursuant to the anti - money laundering act of 2001, as amended ; the terrorism financing prevention and suppression act of 2012 ; and, just recently, the anti - terrorism act of 2012. allow me to go over