FIU carries out AML/CTF assessment

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Posted: Saturday, May 6, 2017. 9:24 a.m. CST.

By BBN Staff: The National Anti-Money Laundering Committee (NAMLC), chaired by the Financial Intelligence Unit (FIU), is presently undertaking a Money Laundering and Financing of Terrorism National Risk Assessment (NRA).

The process is expected to continue until approximately March 2018.

The purpose of the NRA is to understand risks and identify the threats and vulnerabilities that create money-laundering opportunities within the financial system.

The NRA will seek to classify high, medium and low risks, so that resources can be appropriately allocated to address deficiencies in the system.

The assessment is being undertaken through six working groups comprising of stakeholders within the public sector. The working groups will seek to determine the money laundering risks and vulnerabilities in the Banking, Financial Services, Insurance and Securities sectors, as well as within Designated Non-Financial Businesses and Professions.

This will provide an opportunity for Belize to evaluate whether its current laws are adequate and sufficient in addressing new and existing threats, and it will aide Belize’s efforts to bring its anti-money laundering regime in line with international standards. It will also assist the country, including financial institutions, in applying a risk-based approach in their business practices.

At the end of the process, a National Report and a Plan of Action aimed at tackling these deficiencies will be produced.

All private sector entities, as well as the general public, are encouraged to give the NRA their fullest support.

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