National Risk Assessment Unveils Money Laundering and Terrorist Financing Threats in Montserrat
The Government of Montserrat has published its National Risk Assessment (NRA) for 2023, providing a comprehensive analysis of the jurisdiction’s money laundering and terrorist financing threats and vulnerabilities. This critical tool enables Montserrat to understand its risks and develop strategies to mitigate them.
Unique Challenges
As a British Overseas Territory with a small population and economy, Montserrat faces unique challenges in combating money laundering, terrorist financing, and proliferation of weapons of mass destruction. However, the jurisdiction has demonstrated its commitment to adhering to international standards for anti-money laundering and countering the financing of terrorism (AML/CFT).
Preparation of the National Risk Assessment
The NRA was prepared by the National Risk Mitigation Officer, Mr. Deron Boyce, under the supervision of the National Anti-Money Laundering and Countering Terrorist Financing Committee (NAMLAC), chaired by the Honourable Attorney General.
Vulnerable Sectors
The assessment identified several key sectors vulnerable to money laundering and terrorist financing, including:
- Banking
- Other financial institutions
- Designated non-financial businesses and professionals (DNFBPs)
- Insurance
Areas for Improvement
The NRA examined the effectiveness of measures in place to combat these threats and identified areas for improvement within Montserrat’s existing framework.
Commitment to Implementation
“We are committed to ensuring that our financial system is robust and resilient to prevent the misuse of our financial institutions,” said the Honourable Attorney General. “The National Risk Assessment is a critical tool in achieving this goal, and we will work closely with stakeholders to implement the recommendations outlined in the report.”
Process and Recommendations
The NRA process involved a structured risk-based approach, incorporating quantitative and qualitative assessments, as well as stakeholder working committees comprised of representatives from key governmental and private sector institutions.
Next Steps
The report will be used to develop a National Strategy and a detailed action plan to address any identified deficiencies and mitigate these risks. The Government of Montserrat is committed to implementing the recommendations outlined in the report to strengthen its AML/CFT regime and prevent financial crimes.
Public Review and Comment
The NRA is available on the Government of Montserrat’s website for public review and comment.