REPUBLIKA.CO.ID, JAKARTA -- Bank Indonesia (BI) and Bangko Sentral Ng Pilipinas (BSP) have signed a memorandum of understanding (MoU) on cooperation to prevent money laundering and block fund for terrorism. The initial agreement was signed by BI Governor Perry Warjiyo and Governor of Bangko Sentral Ng Filipinas Nestor A. Espenilla Jr. in Manila on Saturday, Executive Director of Communications of BI Agusman said in a written statement here on Sunday.

Agusman said the MoU is aimed at strengthening cooperation in the legal system in implementing anti money laundering policy and prevention of funding for terrorism.

Cooperation is to be implemented in the form of "policy dialogue", exchange of data and information and expansion of human resource capacity.

The signing of the MoU is in line with the government drive against money laundering and terrorism financing, and recommendation and guidelines given by international agency Financial Action Task Force on Money Laundering (FATF).

Perry Warjiyo said the MoU was signed to strengthen adoption of policy and to face challenges, which are growing complex in financing systems in the two countries.

Indonesia and the Philippines gave emphasis on the need for synergy and an integrated policy in implementing the policy, he said.

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