ABSTRACT While the end of the Bretton Woods system led to deregulation and increased international capital flows, the trend over the past two decades has been toward increased international financial supervision. Aspects for an emerging structure of global governance are congealing into a form of ‘financial governmentality’ as a means to secure society and to isolate criminal and terrorist money. Efforts to defend society from organised crime and transnational terrorism extend into financial services and introduce increased levels of surveillance over all forms of financial exchange. The paper begins with an explication for the power relations between international organisations (created by select states to manage and direct the global economy) and the non-member jurisdictions that are, in turn, subjected to their guidance. The experience of the Philippines with the international campaign against money laundering directed by the Financial Action Task Force (FATF) is presented as a case study for the gover...