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Anti-Money Laundering and Countering Financing of Terrorism Guidelines for DNFBPs

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Summary

The Marshall Islands has published guidelines for Designated Non-Financial Businesses and Professions (DNFBPs) to prevent money laundering (ML) and counter financing of terrorism (CFT). The guidelines cover key aspects of the international AML/CFT framework, national legislative and regulatory requirements, and national priorities.

Key Components

• Terminology used in the document
• Overview of the international AML/CFT framework, including the Financial Action Task Force (FATF)
• National AML/CFT legislative and regulatory framework in the Marshall Islands
• National AML/CFT priorities, including a completed national risk assessment

Key Points

Compliance Requirements for DNFBPs

• Must comply with AML/CFT regulations
• Implement an effective risk-based approach to identify, assess, and mitigate ML/TF risks

Guidance from FATF

• Provides sector-specific guidance for DNFBPs
• Recommends a risk-based approach to AML/CFT

National AML/CFT Framework in the Marshall Islands

• The Banking Act 1987 and the AML Regulations 2002 are key pieces of legislation
• Revised and updated to comply with international standards

Questions?

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