Manila sets body to check money laundering

The Philippines central bank said on Thursday it would set up a six-member committee to evaluate reports on suspicious bank transactions as part of its efforts to fight money laundering.

The committee, made up of central bank legal staff, would set guildines and evaluate reports submitted by banks on suspicious transactions, and recommend administrative or legislative actions.The international Financial Action Task Force listed the Philippines in June as among 14 other countries that are non-c