BVI FSC highlights FATF's revised National Risk Assessment guidance
The BVI Financial Services Commission (FSC) published Industry Circular 24 of 2024 on Financial Action Task Force (FATF) National Risk Assessment Guidance. The FATF is revising its guidance on National Risk Assessments (NRA) for money laundering. This update aims to make the NRA guidance more effective, comprehensive, and useful for all stakeholders, including the private sector and civil society.
The NRA helps countries identify, assess, and understand their money laundering and terrorism financing risks. This involves evaluating threats and vulnerabilities, determining risk levels, and developing strategies to mitigate these risks. An NRA supports informed policy-making, resource allocation, and the implementation of effective anti-money laundering and counter-terrorism financing measures. It ensures national strategies address both domestic and international threats.
The FATF invited input from various stakeholders to align the guidance with their experiences. The public consultation has closed and the feedback will be used to refine the draft NRA Guidance before its adoption at the FATF October 2024 Plenary. A summary of the gathered information will be shared with FATF delegations and stakeholders may be contacted for further details or permissions to use examples in the guidance.
