In addition, we are gathering data and closely coordinating with concerned stakeholders for a more evidence-based response. Among others, we have an ongoing National Risk Assessment (NRA) which is an inter-agency effort to evaluate the country’s money laundering and terrorist financing vulnerabilities and weaknesses.
This will enable us to sharpen our focus in ensuring effective enforcement of international standards against money laundering and terrorist financing. 2  BIS central bankers’ speeches  On the other hand, there is a silver lining: technological innovations from the market promise more cost-effective remittance channels.