Montserrat Takes a Major Step Forward in Fighting Financial Crime with Release of National Risk Assessment 2023
The Government of Montserrat has published its first-ever National Risk Assessment (NRA) 2023, a comprehensive report detailing the island’s vulnerabilities to money laundering and terrorist financing crimes. The document is the result of a collaborative effort between government agencies and private sector stakeholders.
A Roadmap for Mitigating Financial Crime
The NRA serves as a roadmap, outlining the complex landscape of potential threats and vulnerabilities that Montserrat faces in relation to financial crime. According to the National Anti-Money Laundering and Countering Terrorist Financing Committee (NAMLAC), the report is not just a compilation of risks, but a “call to action” that empowers the public and private sector to take proactive measures to mitigate and manage threats.
Key Findings and Recommendations
The NRA provides a detailed analysis of national money laundering and terrorist financing risks, including their nature, potential consequences, and likelihood of occurrence. The report also prioritizes the most pressing threats, offers actionable recommendations, and explores practical strategies to mitigate these risks.
- Detailed analysis of national money laundering and terrorist financing risks
- Prioritization of most pressing threats
- Actionable recommendations for mitigating risks
- Practical strategies for managing threats
Accessibility and Future Reviews
The document is available on the Government of Montserrat’s website and can be accessed by clicking on the media library tab or selecting GOM Publications from the drop-down menu. The full report and summary can also be viewed or downloaded via links provided on the website.
- Available for download on the Government of Montserrat’s website
- Reviewed every 2-3 years, with frequency determined by progress made in mitigating national or sector-specific threats and vulnerabilities
Significance and Commitment to Transparency
The release of the NRA is a significant step forward for Montserrat in its fight against financial crime. It demonstrates the government’s commitment to transparency, accountability, and collaboration in addressing the complex challenges posed by money laundering and terrorist financing.
By publishing this report, the Government of Montserrat has taken a major step towards building a more resilient future for Montserratians. The NRA will serve as a valuable tool for stakeholders to better understand and address the risks associated with financial crime, ultimately contributing to a safer and more secure community.