Lawmakers should give serious thought to junking the current anti-money-laundering system and figuring out smarter ways to fight crime.

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It has also agreed to an independent audit of anti-money laundering efforts in the banking system.

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Remittances from overseas workers make up a tenth of the Philippines' economy, and are important enough to have forced the pace of anti-money laundering reforms to avoid risking any interruption to the flow of money from overseas through the banking system.

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