THE Anti-Money Laundering Council approved the second national risk assessment report on Money Laundering and Terrorism Financing on Dec. 20 in a bid to further reinforce the country’s fight against money laundering and terrorism financing.
In 40 recommendations, the Financial Action Task Force requires countries to identify, assess and understand money laundering and terrorism financing risks, and take action in mitigating those risks.
FATF, an international standard-setting body, develops and promotes policies to protect the global financial system against money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction.
The 40 FATF recommendations set out a comprehensive framework of measures which countries should then implement.
As the country’s financial intelligence unit, the AMLC led the second national risk assessment, which covered 2015 and 2016. Participants included stakeholders from government and law enforcement agencies, and private sector institutions. The first assessment in 2016 covered 2011 to 2014.