Combating Terrorist Financing Methods in Marshall Islands: Government and Private Sector Unite
A Major Step Forward in Combating Money Laundering and Terrorist Financing
A significant milestone has been achieved in the Marshall Islands’ efforts to combat money laundering and terrorist financing with the completion of a national risk assessment workshop. The three-day event, held last month in Majuro, brought together government and private sector representatives from various agencies and organizations to identify potential threats and vulnerabilities, as well as develop an action plan to mitigate them.
International Requirements and Partnerships
The National Risk Assessment (NRA) process is a requirement under international law, specifically by the Financial Action Task Force (FATF), which aims to combat money laundering and terrorist financing globally. The RMI government has partnered with the World Bank to conduct the assessment, ensuring that the Marshall Islands are taking necessary steps to address deficiencies in money laundering and terrorist financing.
Benefits of the National Risk Assessment
According to Sultan Korean, RMI Banking Commissioner:
- “The NRA process is assisting us in identifying the money laundering and terrorist financing threats and vulnerabilities in our country and developing an action plan to mitigate or address risks.”
- The assessment will also help address “de-risking” related to banking, providing immediate measures to address deficiencies.
The Assessment Process
The workshop was a crucial step forward in the three-phase assessment process:
- Initial Video Conferences: Two video conferences with international consultants were held late last year to initiate the assessment.
- Workshop and Risk Assessment: The three-day workshop in Majuro identified potential threats and vulnerabilities, as well as developed an action plan to mitigate them.
- Conclusion Workshop: A concluding workshop will review the risk assessment results and action plan.
Demonstrating Commitment to Combating Money Laundering and Terrorist Financing
By engaging with government agencies, private sector officials, and NGOs, the RMI is demonstrating its commitment to addressing money laundering and terrorist financing threats in the Marshall Islands.