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Rwanda Issues National Report on Money Laundering and Terrorism Financing Risk Assessment

Kigali, Rwanda - The Government of Rwanda has published its National Risk Assessment (NRA) on Money Laundering and Terrorism Financing for the year 2017/2018. This report assesses the risk of money laundering and terrorism financing in Rwanda and provides recommendations to mitigate these risks.

Assessment Methodology

The NRA was conducted using a risk assessment tool developed by the World Bank, which defines money laundering (ML) risk as a combination of national threat and national vulnerability. The assessment consisted of 8 modules, including:

  • An analysis of national ML threats
  • Combating ability
  • Vulnerabilities in various sectors

Selection of Participants

A working group was established to lead the NRA process, comprising representatives from public and private institutions with expertise in prevention of money laundering and terrorism financing.

Workshops for Nominated Experts

The World Bank held video conferences with the working group team and conducted workshops to train them on the assessment methodology. The working group also organized three workshops to involve stakeholders in the NRA process and guide data collection and assessment.

Data Collection

Both quantitative and qualitative data were used in the assessment, including:

  • Intelligence information
  • Expert judgments
  • Private sector inputs
  • Case studies
  • Research papers

Data was collected from:

  • Law enforcement agencies
  • Financial institutions
  • Supervising authorities
  • Reporting entities

Finding Summary

The overall ML risk in Rwanda was rated Medium, derived from a medium-low threat rating and medium vulnerability rating.

Risk Map

[Figure 2: Risk Map of Threat and Vulnerability (ML)]

Key findings from the report include:

  • The need for improved cooperation between law enforcement agencies and financial institutions to combat money laundering and terrorism financing.
  • Strengthening customer due diligence.
  • Implementing effective anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

The full report is available online at [insert website link].