Montserrat’s to Undergo Risk Assessment for Money Laundering and Terrorism Financing
A team from the World Bank Group will be in Montserrat from the 17th to the 19th of September 2019, to assist the authorities in undertaking a National Risk Assessment on Money Laundering and Terrorism Financing. The Working Group for the National Risk Assessment is led by the Honourable Attorney General, Mrs. Sheree Jemmotte-Rodney.
According to a statement from the Financial Services Commission, the assessment aims to identify the primary money laundering and terrorism financing (ML/TF) risks in the country through a comprehensive analysis that will enable the design of a fitting strategy and mitigating actions. This will help allocate resources for the fight against money laundering and terrorism financing more effectively and efficiently, while meeting international standards as established by e.g., the Financial Action Task Force (FATF).
The risk assessment process itself is organized, led and undertaken by the national authorities using the World Bank Group’s self-assessment methodology. The World Bank Group assists the country in understanding the underlying methodology and using the methodology. This way, the country will build the capacity to undertake future risk assessments with no or minimal external support. The self-assessment methodology supports collaboration between the different government agencies and private sector parties that are jointly responsible for the country’s anti-money laundering and counter terrorism financing efforts.
The World Bank Group has been supported over one hundred countries in performing their national risks assessments since 2010.
The results of the assessment are confidential but further details on the way that the National Risk Assessment is carried out can be obtained upon request from The Reporting Authority, c/o The Financial Service Commission, Valley View, Brades, Montserrat, E-mail: email@example.com .