Financial Crime World

Montserrat National Risk Assessment Reveals Money Laundering and Terrorist Financing Threats

The Montserrat National Risk Assessment (NRA) has been completed, revealing the money laundering and terrorist financing threats and vulnerabilities faced by the jurisdiction. This comprehensive assessment is a critical tool for understanding the risks associated with these illicit activities and informing strategies to mitigate them.

Understanding the Risks

As a British Overseas Territory, Montserrat is committed to combating money laundering, terrorist financing, and proliferation of weapons of mass destruction. The NRA provides a detailed analysis of the threats, vulnerabilities, and consequences faced by the island, highlighting the need for a tailored approach to combat these risks.

Assessment Process

The assessment was conducted over a five-year period, from 2019 to 2023, with active participation from various stakeholders in the public and private sectors. The National Risk Mitigation Officer, Mr. Deron Boyce, led the process under the guidance of the National Anti-Money Laundering and Countering Terrorist Financing Committee (NAMLAC).

Key Findings

  • Montserrat’s unique features, including its small population and economy, present low risks for money laundering, terrorist financing, and proliferation financing.
  • A risk-based approach is necessary to combat illicit activities.
  • Proposed measures aim to mitigate identified money laundering and terrorist financing risks.
  • Potential areas for improvement within Montserrat’s existing frameworks have been identified.

Next Steps

To address the identified deficiencies and mitigate these risks, the following steps will be taken:

  • Develop a National Strategy and detailed action plan to address identified deficiencies and mitigate risks.
  • Implement measures aimed at mitigating identified money laundering and terrorist financing risks.
  • Enhance cooperation with international partners to combat illicit activities.

Conclusion

The completion of the NRA marks an important milestone in Montserrat’s efforts to combat money laundering, terrorist financing, and proliferation of weapons of mass destruction. The assessment will serve as a critical tool for informing strategies and policies aimed at protecting the jurisdiction from these illicit activities.