Risk Management in Finance: World Bank Team to Assist Montserrat in National Risk Assessment

Comprehensive National Risk Assessment on Money Laundering and Terrorism Financing

A delegation from the World Bank Group will visit Montserrat next month to assist authorities in conducting a comprehensive national risk assessment on money laundering and terrorism financing. Led by Attorney General Sheree Jemmotte-Rodney, the Working Group for the National Risk Assessment aims to identify the primary risks in the country through an exhaustive analysis.

The Importance of the Assessment

The assessment, scheduled from September 17th to 19th, seeks to design a tailored strategy and mitigation measures to combat money laundering and terrorism financing more effectively. This endeavor is crucial in allocating resources efficiently while meeting international standards established by organizations such as the Financial Action Task Force (FATF).

Risk Assessment Process

The risk assessment process will be undertaken by national authorities using the World Bank Group’s self-assessment methodology, with the global institution providing support in understanding the underlying framework and utilizing it. This approach enables Montserrat to build capacity for future assessments with minimal external assistance.

International Support

As part of the initiative, the World Bank Group has assisted over 100 countries in conducting national risk assessments since 2010. Interested parties can obtain further information on the methodology by contacting The Reporting Authority at The Financial Service Commission.

Montserrat’s Commitment to Risk Management

The importance of this exercise cannot be overstated, as it underscores Montserrat’s commitment to robust risk management practices and its dedication to combating money laundering and terrorism financing.

• The assessment aims to identify primary risks in the country
• The World Bank Group will provide support in understanding the underlying framework and utilizing the self-assessment methodology
• Montserrat aims to build capacity for future assessments with minimal external assistance
• The initiative is crucial in allocating resources efficiently while meeting international standards
• Over 100 countries have been assisted by the World Bank Group since 2010