National Risk Assessment Process of Money Laundering and Terrorist Financing is to identify, assess and understand the threats, vulnerabilities and consequences situated in the whole AML/CFT regime of the State and issuing required policies, directives and proceedures. The National Risk Assessment on ML/FT is now conducting in order to be an effective and strong AML/CFT regime, to mitigate ML/FT risks by disclosing vulnerabilities and consequences of the regime, to lay down the policies and issue the directives based on assessing ML/FT risks of the State by collaboration and coordination of the banks and financial institutions and relevant government agencies.
The National Risk Assessment Committee comprising 29 senior officials from relevant government agencies led by Deputy Minister for Ministry of Home Affairs was formed to support National Risk Assessment Process of Anti-Money Laundering Central Board by AMLCB’s order no. 5/2015 on 30th December 2015. To be in line with the current situation of the State, the committee was reformed by AMLCB’s order no. 2/2016 comprising 37 senior officials from relevant government agencies led by Deputy Minister for Ministry of Home Affairs.
NRA committee is conducting NRA process by dividing into two main parts as follow; (a) Part(1); Identifying and assessing the risks including the threats, vulnerabilities and consequences by which the AML/CFT regime of the State is being undermined and publishing the NRA report. (b) Part(2); Issuing and implementing the policies, directives and proceedures by using risk-based approach- RBA method in order to mitigate the risks identified by the NRA Report.
NRA committee is conducting the process mentioned above step by step with the following eight steps; (a) Step 1; Preparation, (b) Step 2; Data collection concerning threats, (c) Step 3; Analyzing threats, (d) Step 4; Data collection concerning vulnerabilities, (e) Step 5; Analyzing vulnerabilities, (f) Step 6; Data collection concerning consequences, (g) Step 7; Analyzing consequences, (h) Step 8; Drafting and reviewing. National Risk Assessment Committee is cooperating with and receiving technical assistance from IMF including Web-based perception survey while performing its functions and duties mentioned above in order to more effective and to be in line with International Standards. The process has been intended to conclude within 2017.