National Risk Assessment
Trinidad and Tobago has completed its 2nd National Money Laundering and Terrorism Financing Risk Assessment (NRA). Consistent with FATF Recommendation 1, which requires countries to identify, assess and understand their money laundering and terrorist financing (ML/TF) risks and take action, the NRA was coordinated by the National Anti-Money Laundering and Counter Financing of Terrorism Committee (NAMLC) for submission to the Honourable Attorney General of Trinidad and Tobago.
The NRA exercise was carried out using the National Money Laundering and Terrorism Financing Risk Assessment Tool developed and provided by the World Bank. It paved the way to the implementation of a risk-based approach to combating the evolving risks of ML/TF activities, thus making relevant stakeholders more effective in their efforts. The NRA results provides valuable guidance to articulate policies and strategies to address the risks identified and to allocate resources to areas that have the greatest outcome in the fight against financial crime.
All Reporting Entities (Financial Institutions and Listed Business), Non-Profit Organisations (NPOs), Competent Authorities (Law Enforcement Authorities, Supervisory Authorities, Government Agencies/Departments, Intelligence Agencies and others) are required to access the report and are mandated to implement and take commensurate measures to manage, and mitigate the risks identified in the NRA throughout their AML/CFT risk-based policies, including group-wide policies. The Public is also encouraged to access and utilise the NRA report.
An update to the 2nd NRA exercise is currently being undertaken. It is expected that the NRA is to be conducted on a 2-year cycle.
