For newly appointed Anti-Money Laundering Council executive director Ronel Buenaventura, the next test of the Philippines' financial crime defenses will not simply be whether reforms remain written into regulations, according to a report by Philstar Biz.
Buenaventura said the council is mapping out its agenda ahead of the Financial Action Task Force's (FATF) review of the country's compliance with anti-money laundering and counter-terrorism financing standards. The Philippines has been working to address strategic deficiencies identified by the FATF, and the upcoming assessment will determine if the country can be removed from the grey list.
The AMLC is prioritizing stronger coordination with law enforcement agencies and the private sector, as well as enhancing the use of financial intelligence. Buenaventura emphasized that the effectiveness of anti-money laundering measures will be judged by actual enforcement outcomes, not just by the existence of laws and regulations.