The Government of Montserrat has published the island’s first national money laundering and terrorist financing risk assessment.
The National Anti-Money Laundering and Countering Terrorist Financing Committee was responsible for compiling the National Risk Assessment 2023.
The comprehensive 140-page document details Montserrat’s risks to certain monetary crimes, along with its policies and mitigation strategies.
It is a culmination of a collaborative effort across various government agencies, and private sector stakeholders, a government press release said on 19 February.
The committee said the document goes beyond simply compiling risks to the island, describing the assessment as a “call to action”.
It helps to “proactively mitigate and manage threats and vulnerabilities to safeguard our nation’s well-being”, the committee added in the press release.
The assessment “lays the groundwork for strategic decision-making, guiding the allocation of resources and informing the development of effective policies and mitigation strategies”.
“It also fosters collaboration across government agencies, private sector entities, and communities, strengthening our collective preparedness,” the committee said.
Risks and strategies
The document includes the full spectrum of national money laundering and terrorist financing risks.
These cover the diverse range of threats and vulnerabilities, understanding their nature, potential consequences, and likelihood of occurrence.
There is also a detailed analysis – a data-supported assessment of each risk, expert judgments, and comprehensive explanations.
A prioritisation of risks identifies the most pressing threats and vulnerabilities demanding immediate attention and resource allocation.
And then, actionable recommendations explore practical and evidence-based strategies to mitigate and manage the identified money laundering and terrorist financing risks.
Anyone interested in finding out more can click on the links for the 15-page summary or full document.
Evaluations and review
The National Anti-Money Laundering and Countering Terrorist Financing Committee will review the National Risk Assessment every two to three years.
The frequency of these reviews will be determined based on the progress of mitigating the national or sector-specific threats and vulnerabilities exposure, the press release said.
Meanwhile, the Caribbean Financial Action Task Force (CFATF) is due to evaluate Montserrat’s financial system this year. Onsite work is expected to begin in April, with a plenary discussion in November.
The organisation carried out its third and latest assessment on Montserrat in 2010, and published the resultant report in July 2011.
That document gives a summary of the anti-money laundering and terrorist financing measures in place, along with recommendations on how Montserrat’s government can strengthen the system.
CFATF has since presented numerous follow-up reports at its plenary meetings, which provide an analysis of the progress made to correct deficiencies.
Montserrat Focus breaks down the report in a subsequent article.
