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World Bank to provide technical assistance in countering financial terrorism

Dec 17, 2019 News

The World Bank will be providing Guyana with technical assistance and guidance to conduct the National Risk Assessment, (NRA) in the Countering of Financial Terrorism. This will allow Guyana to identify any new or emerging money laundering or terrorist financing risks, threats or vulnerabilities.
The new NRA will also take into account an assessment of the Money Laundering/Terrorist Financing risks associated with the oil and gas sector, proliferation financing, virtual assets and illegal wildlife trade. This exercise will allow the country to appropriately address its vulnerabilities and threats ahead of its scheduled mutual evaluation.
The Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/PF) National Coordination Committee (NCC), will be hosting another seminar on Thursday.
The purpose of this seminar is to commence Guyana’s second Money Laundering and Terrorist Financing (ML/TF) National Risk Assessment (NRA).
Over one hundred persons including Ministers of Government, heads of private sector agencies, heads of government organisations, and members of the diplomatic corps are expected to attend.
The NRA exercise will be conducted by a working group of seventy-five persons representing over forty public and private sector organisations in Guyana. The exercise is in keeping with the Financial Action Task Force (FATF) recommendation that requires countries to assess their risks, apply a risk-based approach, and put measures in place to mitigate identified risks on an ongoing basis.
The new NRA exercise is well-timed, as Guyana is preparing for its Fourth Round Mutual Evaluation by the Caribbean Financial Action Task Force (CFATF), which is scheduled for the first quarter of 2023.
Last July, the Ministry of Legal Affairs’ members of the AML/CFT National Coordination Committee met the visiting World Bank team and several other stakeholders involved in the AML/CFT regime in Guyana.
The team provided technical assistance to conduct critical updates to Guyana’s multilateral taskforce (ML/TF) National Risk Assessment (NRA).
It is necessary for Guyana to conduct another NRA to reassess new risk factors.
The World Bank has developed a guide for countries conducting their ML/TF risk assessment. This guide is in the form of a methodological risk assessment tool. It is an Excel-based model that enables countries to identify the main drivers of their ML/TF risks.
The tool will assist Guyana in conducting a self-assessment of the ML/TF risk and vulnerabilities locally.
This approach is in line with the recommendations of the Financial Action Task Force.
One recommendation requires that countries identify, assess and understand the ML/TF risks within their jurisdiction and then implement a risk-based action plan and apply resources to mitigate the identified risks.

 

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