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

##richt treaty. secondly, its high degree of independence will give the ecb / escb a certain amount of institutional credibility right from the outset. recently, we have heard many voices, among political decision - makers, on the one hand, and academic researchers, on the other, who have emphasized the necessity of the accountability and transparency of the ecb. central banks and central bankers have since the onset of liberalization understood that one essential ingredient of monetary policymaking is openness. the more carefully the central bank explains its thinking to the financial markets, the more readily the markets ’ reactions to monetary policy measures can be predicted. that is to say, openness eases the conduct of monetary policy and strengthens its impact. the role of national central banks in accountability and in promoting transparency within the escb will be that of communicator to national decision - makers, labour market participants and the general public regarding the analyses and views of the ecb, but also specifically regarding the domestic monetary policy transmission mechanism. and the national central bank will need to continue analysing and forecasting its country ’ s inflation path in the regime of the single monetary policy and, on this basis, present its outlook on possible national imbalances and national needs for corrective measures via other segments of economic policy, particularly fiscal policy. * [UNK] * * the single monetary policy will of course bring demanding challenges to peripheral countries whose industrial structures, behavioural modes and business cycles have previously diverged from those of the core countries. as for finland, thorough analyses have showed that external shocks have not been much bigger for finland than for other countries. instead, the domestic reactions in the economy and economic policies to these external shocks have greatly strengthened their effects. in the short run, inflation rates may differ somewhat between emu - member countries, but in the medium term harmonization is necessary. the real costs of this harmonization will be smaller when the common inflation target is more clearly credible and acknowledged and when all sectors are more clearly aiming at it also in the short run. we have seen clear improvement in this kind of awareness in finland during the last few years, but of course it will be acid - tested during the current economic boom. the corporate sector has used a substantial part of its profits from good years to improve its capital structure. it has built up a good buffer to be used in bad times and in covering losses without having to cut wages or reduce staff. since wage developments are the most important cost factor