Gibraltar Unveils Compliance Risk Assessment Tools to Combat Financial Crimes
In a significant effort to combat financial crimes, the Government of Gibraltar has released its National Risk Assessment 2020 (NRA), a comprehensive report that identifies threats and vulnerabilities in money laundering (ML), terrorist financing (TF) and proliferation financing (PF) affecting the jurisdiction. The report targets both public sector bodies and private sector entities.
National Risk Assessment 2020: A Comprehensive Report
The NRA provides a realistic strengths-weaknesses analysis of ML and TF in Gibraltar, pinpointing existing and future risks and mapping them effectively. By doing so, the report aims to enhance the country’s ability to detect and prevent illicit activities, thereby safeguarding its financial system.
Key Objectives
- Identify threats and vulnerabilities in money laundering (ML), terrorist financing (TF) and proliferation financing (PF)
- Provide a realistic strengths-weaknesses analysis of ML and TF in Gibraltar
- Map existing and future risks effectively
- Enhance the country’s ability to detect and prevent illicit activities
- Safeguard its financial system
Commitment to Combating Financial Crimes
By releasing this latest iteration of the National Risk Assessment, Gibraltar demonstrates its commitment to combating financial crimes, which pose a significant threat to global stability and security. The report is expected to be a valuable tool for all stakeholders in Gibraltar, including government agencies, businesses, and individuals, as they work together to mitigate risks and prevent financial crimes.
Benefits
- Provides a comprehensive understanding of ML and TF risks in Gibraltar
- Enhances the country’s ability to detect and prevent illicit activities
- Safeguards its financial system
- Supports global efforts to combat financial crimes
- Promotes transparency and accountability among public sector bodies and private sector entities.