Montserrat’s First National Risk Assessment on Money Laundering and Terrorist Financing

The Government of Montserrat, through the National Anti-Money Laundering and Countering Terrorist Financing Committee (NAMLAC), has published the island’s first National Risk Assessment (NRA) 2023, detailed below. The NRA aims to identify potential threats and vulnerabilities Montserrat faces in relation to money laundering (ML) and terrorist financing (TF) crimes.

Collaborative Effort and Comprehensive Document

A collaborative effort between various Government agencies and private sector stakeholders led to this comprehensive document, serving as a roadmap to understanding Montserrat’s complex landscape of ML/TF threats and vulnerabilities.

The Importance of the NRA

According to NAMLAC, the NRA:

• Outlines the full spectrum of national ML/TF risks
• Provides a detailed analysis with expert judgments and thorough explanations
• Prioritizes the most pressing threats and vulnerabilities
• Offers actionable recommendations for mitigation and management

Key Components of Montserrat NRA 2023

1. Full spectrum of national ML/TF risks: Understanding the diverse nature, potential consequences, and likelihood of occurrence of ML/TF threats and vulnerabilities.
2. Detailed analysis: An accurate assessment supported by data, expert judgments, and thorough explanations.
3. Prioritization of risks: Identifying the most significant threats and vulnerabilities requiring immediate attention and resources.
4. Actionable recommendations: Examining practical strategies to address identified ML/TF risks.

For those interested, the full document and its summary are accessible on the Government of Montserrat website. Alternatively, you can download the documents from the following links:

• Full Document
• Summary

Review and Updates

The Montserrat NRA is expected to be reviewed every 2-3 years, with the frequency of these reviews dependent on the progress of mitigating national or sector-specific threats and vulnerabilities.