National Risk Assessment by the World Bank Group

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A team from the World Bank Group was in Aruba to assist the authorities with the National Risk Assessment on Money Laundering and Terrorism Financing.

The assessment aims to identify the primary money laundering and terrorism financing (ML/TF) risks in Aruba through a comprehensive analysis that will enable the design of a comprehensive AML/CFT strategy to mitigate the identified risks. This will help allocate resources for the fight against money laundering and terrorism financing more effectively and efficiently, while meeting the international standards issued by the Financial Action Task Force (FATF).

The risk assessment process itself is organized, led and undertaken by the local authorities using the World Bank Group’s self-assessment methodology. The assessment is undertaken in collaboration between the different Aruba government agencies and the local private sector.

Having a National Risk Assessment and AML/CFT strategy in place is essential for the upcoming 4th round AML/CFT assessment of Aruba by the Caribbean Financial Action Task Force (CFATF) in the third quarter of 2020.q