Montserrat’s National Risk Assessment: A Major Step Forward in Combating Money Laundering and Terrorist Financing
The Government of Montserrat has published its National Risk Assessment (NRA) 2023, a comprehensive report that examines the money laundering and terrorist financing threats and vulnerabilities facing the island.
Understanding Risks and Mitigating Strategies
As a small economy with a limited financial system, Montserrat is committed to fighting against money laundering, terrorist financing, and the proliferation of weapons of mass destruction. The NRA 2023 enables the jurisdiction to understand its risks and will inform the strategies to be put in place to mitigate them.
Preparation and Finalization
The preparation and finalization of this National Risk Assessment was a national initiative, with special thanks extended to the National Risk Mitigation Officer, Mr. Deron Boyce, for spearheading the work and bringing the process to completion. The report also acknowledges the valuable contributions made by Competent Authorities and members of the public and private sectors who participated in this important exercise.
Report Overview
The NRA 2023 provides a detailed analysis of the unique risks associated with money laundering and terrorist financing in Montserrat, reviewing the context and materiality of existing and potential threats, vulnerabilities, and consequences. The report outlines proposed measures aimed at mitigating identified money laundering and terrorist financing risks, as well as exploring areas for improvement within Montserrat’s existing frameworks.
Assessment Methodology
The NRA 2023 utilized a methodology that followed a structured risk-based approach, covering both quantitative and qualitative assessments incorporating various techniques such as questionnaires, interviews, and the examination of pertinent statistical data. The process involved the establishment of stakeholder working committees comprised of representatives from various key governmental and private sector institutions.
Working Committees
The working committees established for this assessment were:
- National Threat and Vulnerability Assessment Teams
- Banking Sector/Other Financial Institutions Teams
- Designated Non-Financial Business and Professionals (DNFBPs)/Insurance Team
- Terrorist Financing Team
These working committees were responsible for collecting, analyzing, and evaluating all the data accumulated during the assessment process.
Conclusion
The publication of the NRA 2023 marks a significant milestone in Montserrat’s efforts to combat money laundering and terrorist financing. The report provides a comprehensive understanding of the risks facing the jurisdiction and informs strategies for mitigating these risks. It is an important tool that will be used to develop a National Strategy and a detailed action plan to address identified deficiencies and appropriate measures to mitigate these risks.
Future Steps
The NRA 2023 will be used to develop a National Strategy and a detailed action plan to address identified deficiencies and appropriate measures to mitigate these risks.