GIABA Organizes Regional Training Workshop on National Risk Assessment
The Intergovernmental Action Group against Money Laundering in West Arica (GIABA) will organize a Regional Training Workshop on Money Laundering and Terrorism Financing (ML/TF) National Risk Assessment (NRA) in Saly, Republic of Senegal, from 14th to 18th May, 2018.
The key objectives of this workshop are: to enable participants strengthen their capacities to conduct National Risk Assessment; to understand the requirements, available processes and methodologies they can use to conduct the assessment in their respective countries; and to thoroughly grasp the link between NRA and the Risk-based Approach (RBA). In line with the GIABA Strategic Plan, this training also seeks to develop the capacities of member States to understand the emerging ML/TF risks with a view to mitigating them.
The Financial Action Task Force (FATF), in Recommendation 1, requires countries to identify, asses and understand the ML/TF risks to which they are exposed, take measures and mobilize resources to ensure that such risks are effectively mitigated. This requirement is a key element in the AML/CFT regime and provides an opportunity for Authorities to efficiently allocate resources according to established priorities. The outcomes of a National Risk Assessment could also be a source of useful information for Financial Institutions (FIs) as well as Designated Non-Financial Businesses and Professions (DNFBPs), through the conduct of sectoral risk assessments in their respective areas. Finally, a thorough understanding of ML/TF risks enables the authorities implement measures proportionate to such risks.
By 2012, some of the countries had not yet conducted their NRA. The choice of this requirement through the FATF Recommendations implies that countries should find ways and means of conducting this exercise, which could significantly enhance the effectiveness of any AML/CFT regime.
Given the importance of this exercise, the Secretariat was directed by the 28th GIABA Technical Commission/Plenary meeting in Abuja, in November 2017, to provide technical assistance in the form of training for country delegates in order to familiarize them with the requirements for conducting the NRA