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May 25, 2005AMLC RESOLUTION NO. 058-05WHEREAS, the Financial Action Task Force (FATF) President expressed concern that "enormous amount" of covered transaction reports (CTRs) that are not related to cash is seriously hampering the overall suspicious transaction reporting (STR) regime in the Philippines and believes that reducing the number of CTRs would allow the Anti-Money Laundering Council to more effectively analyze the STRs and CTRs received; acCITSWHEREAS, the BSP has identified nine (9) categories of non-cash, no/low risk covered transactions, the reporting of which may be deferred by the AMLC;WHEREAS, the ABCOMP has agreed to the deferment of reporting of BSP-identified non-cash, no/low risk covered transaction categories;WHEREAS, the Council has found meritorious the deferment of reporting of transactions falling under seven (7) of the nine (9) BSP-identified non-cash, no/low risk covered transaction categories;WHEREFORE, the Council in the exercise of its authority under sections 7 (1) and 9 of Republic Act No. 9160, otherwise known as the Anti-Money Laundering Act of 2001, as amended, and its Revised Implementing Rules and Regulations, resolves to:1. Defer reporting by covered...