Halister News

(Bloomberg) -- Bangko Sentral ng Pilipinas to provide specific recommendations on higher range of penalties to be included in its charter and in law against money laundering, Deputy Governor Nestor Espenilla tells Senate hearing in Manila.

• Central bank can impose 30,000 pesos per day or per transaction under current charter; disciplinary actions can also be imposed on banks and employees
• “The economy has grown. The transactions have grown. I think there should be flexibility there,” Espenilla says
• Significant penalties on banks should be established if their protocol systems are not proper to prevent transactions involving dirty money, Senator Ralph Recto says