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This time the Bangko Sentral ng Pilipinas will allowing “money laundering” and it’s legal. The central bank’s seal of approval has been stamped on the prospect of doing large-scale money laundering.

But the BSP is referring to the literal ‘laundering’ of dirty money or those bills that were soiled by flash floods inside bank vaults during the onslaught of Tropical Storm Ondoy just two weeks ago.

The only requirement of the BSP, according to Deputy Governor Nestor Espenilla, is that the banks should at least “dry out” the soaked bills before they bring them over the central bank for replacement. Espenilla said that they cannot accept wet currency because it would “difficult to count” them.

He added that, so far, one large bank has already expressed interest to have their drenched stockpile swapped for fresh crisp notes. “The BSP has bills ready to replace those that were damaged by the floods,” Espenilla said.

Rural Bankers Association of the Philippines (RBAP) spokesperson Tomas Gomez IV said that the flash floods caused by Ondoy’s magnitude may have easily entered most bank vaults, especially those who were built on the same level as the street. “It’s possible that some banks had their bills soaked in floods because water can enter vaults.” Gomez said, during the RBAP’s annual convention last Thursday at Sofitel hotel in Pasay City.

Reports said that banks located in Marikina, Pasig and nearby urban centers were not spared by the September 26 storm.

The central bank also ordered all banks to ensure providing uninterrupted services to the public in the wake of the calamity, including the operation of automated teller machines (ATM). The BSP added that banks that were shut down by the floods and could not reopen immediately should have an alternative branch where they could redirect their clients.