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Financial Institution Risk Assessment Tools in Timor-Leste

The Financial Action Task Force (FATF) has released a report assessing the implementation of anti-money laundering and counter-terrorist financing measures in Timor-LEste, a member of the Asia/Pacific Group on Money Laundering (APG).

Implementation Progress

According to the report, Timor-Leste has made progress in implementing the FATF Recommendations. However, there are still areas that require improvement, particularly with regards to financial institution risk assessment tools and mechanisms for identifying and mitigating risks associated with money laundering and terrorist financing.

Key Findings

  • Financial institutions in Timor-Leste have limited resources and capacity to identify and mitigate risks related to money laundering and terrorist financing.
  • The country lacks a comprehensive approach to risk assessment, making it difficult to prioritize efforts to address the most significant risks.
  • There is a need for more effective supervision and regulation of financial institutions, particularly in relation to their anti-money laundering and counter-terrorist financing obligations.

Recommendations

The report recommends that Timor-Leste take several steps to strengthen its financial institution risk assessment tools and mechanisms. These include:

  • Developing a comprehensive approach to risk assessment that takes into account the country’s unique risks and vulnerabilities.
  • Providing additional resources and support to financial institutions to help them identify and mitigate risks related to money laundering and terrorist financing.
  • Strengthening supervision and regulation of financial institutions, particularly in relation to their anti-money laundering and counter-terrorist financing obligations.

Conclusion

The FATF report highlights several key findings and recommendations for Timor-Leste to strengthen its financial institution risk assessment tools and mechanisms. The country’s progress will be closely monitored by the APG and the international community. It is essential that Timor-Leste addresses these recommendations to prevent money laundering and terrorist financing and maintain a stable and secure financial system.

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