The Government of Montserrat, through the National Anti-Money Laundering and Countering Terrorist Financing Committee (NAMLAC) announces the publication of the island’s first National Risk Assessment (NRA) 2023; a comprehensive document detailing the risks, exposure and mitigating factors Montserrat faces in relation to money laundering (ML) and terrorist financing (TF) crimes.
The document is a culmination of a collaborative effort across various Government agencies, and Private sector stakeholders, and serves as a roadmap, outlining the complex landscape of potential threats and vulnerabilities that Montserrat is exposed to and may encounter. However, NAMLAC noted that the document goes beyond simply compiling risks to the island, describing the NRA as a “call to action”, as it “…helps the public and private sector in Montserrat to understand our risk while empowering us to proactively mitigate and manage threats and vulnerabilities to safeguard our nation’s well-being”.
The NRA is therefore regarded as a crucial step towards building a more resilient future for the people of Montserrat and a powerful tool for informed decision-making and collective action. “The NRA lays the groundwork for strategic decision-making, guiding the allocation of resources and informing the development of effective policies and mitigation strategies. It also fosters collaboration across government agencies, private sector entities, and communities, strengthening our collective preparedness,” explained NAMLAC.
Persons interested in reading the summary or full document will be able to access information on the following:
- Full spectrum of national ML/TF risks: Covering the diverse range of ML/TF threats and vulnerabilities, understanding their nature, potential consequences, and likelihood of occurrence.
- Detailed analysis: A precise assessment of each risk, supported by data, expert judgments, and comprehensive explanations.
- Prioritization of risks: Identify the most pressing threats and vulnerabilities demanding immediate attention and resource allocation.
- Actionable recommendations: Explore practical and evidence-based strategies to mitigate and manage the identified ML/TF risks.
The Montserrat NRA 2023 or the Summary can be viewed on the Government of Montserrat website on the home page in the banner section or by clicking on the media library tab on the home page, then selecting GOM Publications from the drop-down menu. Alternatively, the documents can be viewed or downloaded via these links full: https://www.gov.ms/wp-content/uploads/2024/02/Montserrat-NRA-2023.pdf or
Summary: https://www.gov.ms/wp-content/uploads/2024/02/Montserrat-Summary-ML-TF-NRA-2023.pdf
The National Risk Assessment is expected to be reviewed every 2-3 years. The frequency of these reviews will be determined based on the progress of mitigating the national or sector-specific threats and vulnerabilities exposure.