Philippine c bank to scrutinise money changing ops

PHILIPPINES - The Philippine central bank has said that it will closely monitor small money changing operations to plug a possible loophole in the country's new anti-money laundering legislation.

"It is our duty to determine the legitimacy of their operations," Central Bank Governor Rafael Buenaventura told reporters.

"It's more of being able to track down or determine possible money laundering activities," Buenaventura said, assuring it isn't a prelude to capital controls.

The central bank chie