2018 National Risk Assessment - Money Laundering and Terrorist Financing Risks

According the FATF National Money Laundering and Terrorist Finance Risk Assessment guide: "Identifying, assessing, and understanding ML/TF risks is an essential part of the implementation and development of a national anti-money laundering / countering the financing of terrorism (AML/CFT) regime, which includes laws, regulations, enforcement and other measures to mitigate ML/TF risks. It assists in the prioritisation and efficient allocation of resources by authorities.

The results of a national risk assessment, whatever its scope, can also provide useful information to financial institutions and designated non-financial businesses and professions (DNFBPs) to support the conduct of their own risk assessments. Once ML/TF risks are properly understood, country authorities may apply AML/CFT measures in a way that ensures they are commensurate with those risks – i.e,. the risk-based approach (RBA) – which is central to the FATF standards and recommendations".

GACO is therefore very happy to share with all its members the 2018 Gibraltar National Risk Assessment. We kindly ask you to read carefully this document (click here) and to ascertain the impact the risks identified might have on your business and how you need to potentially adapt your business model to the findings in said Assessment.

Please kindly be advised that very soon there will be a presentation on the same. GACO will provide you the details of said event in due course.


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info@gaco.gi

Gibraltar Association of Compliance Officers,

PO Box 1493, Gibraltar