The World Bank is preparing to hold a three-day workshop with the Financial Intelligence Unit (FIU), on Money Laundering/Terrorist Financing (ML/TF) National Risk Assessment (NRA).
Through the workshops to be held from December 13-15, the World Bank will set up working groups and give training on how to use the National ML/TF Risk Assessment tool. The tool has nine modules as building blocks, therefore the World Bank recommends that nine working groups address one module each.
The working groups will handle the modules in three phases: preparation, beginning assessment and conclusion.
“During this workshop, the participants will familiarize themselves with ML/TF risk assessment concept, learn the structure, features and functions of the NRA Tool and start using it. The roadmap and milestones for the following phases will be discussed and decided by the working group during this workshop,” the FIU said in a statement today.
The FIU added that the assessment phase takes an average of six months, and that the conclusion phase will include another work shop.
Money Laundering/Terrorist Financing (ML/TF) National Risk Assessment (NRA) is a process where law enforcement agencies identify and evaluate money laundering and terrorist financing risks in a particular jurisdiction. Using the information gathered on the main sources, drivers and risks associated with money laundering, they agencies develop effective and risk-based policies and actions, and allocate the available resources in the most efficient way to eliminate, control and mitigate the identified risks.