 This translated to higher transaction costs, and often, outright restrictions on the international transactions of Philippine banks to ensure that they did not involve dirty money.Desperate to avoid formal sanctions and to get off the FATF blacklist, the BSP spearheaded another lobby, this time to legislate a law that would criminalize money-laundering and create an anti-money-laundering body, as required by the FATF.The process, however, proved to be more complicated than anticipated.