Seychelles Undertakes Second National Risk Assessment on Money Laundering and Terrorism Financing
A Collaborative Effort between the Government and the World Bank Group
The Seychelles government has launched its second National Risk Assessment (NRA) on money laundering and terrorism financing, in collaboration with a team from the World Bank Group. The assessment is expected to take 15 months to complete.
Objectives of the National Risk Assessment
- Review primary money laundering and terrorism financing risks in the country through a comprehensive analysis
- Amend the strategy and mitigating actions to address vulnerabilities
- Allocate resources more effectively and efficiently for the fight against money laundering and terrorism financing
- Meet international standards
The Risk Assessment Process
The risk assessment process is organized, led, and undertaken by government officials and private sector representatives using the World Bank Group’s self-assessment tool. Seychelles is developing its own resources to undertake future risk assessments with periodical expert assistance from the World Bank Group.
Key Features of the Self-Assessment Tool
- Examines the regulatory, institutional, and economic environment within the country
- Identifies threats, vulnerabilities, and weaknesses or gaps in a country’s defenses against money laundering/terrorist financing
The Importance of Raising Awareness
In an effort to raise awareness about the National Risk Assessment, the government has released a set of standard questions and answers. When asked what the National Risk Assessment is, officials explained that it is an advisory package developed by the Financial Market Integrity Unit of the World Bank to assist countries in identifying and contending with their risks posed by money laundering and terrorism financing.
Benefits of the National Risk Assessment
- Supports countries in conducting self-assessments through a systematic and organized process
- Designed to address specific challenges and needs
- Offers guidance, advisory services, and help in undertaking assessments
Collaboration between Countries
The National Risk Assessment has been carried out in almost all countries over the past decade, with technical support from the World Bank and IMF.