Adoption of mechanisms such as the Kimberley Process for diamonds or the Extractive Industries Transparency Initiative (EITI) would help. In addition, lifting the veil of secrecy and determining who ultimately owns and controls corporate entities that have established business relationships with financial institutions exposes wrong doing and disrupts a key vehicle for illicit financial flows.
1/4  BIS central bankers' speeches  During the lockdowns, over 4 million digital accounts were opened and digital financial transactions grew exponentially. As of end-August 2020, total PESONet transactions reached 2.7 million with total value of P252.9 billion. This represents a growth of about 120 percent in volume and 70 percent in value, respectively from the baseline end-March 2020 level.