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Gibraltar National Risk Assessment 2020

Insights / 05-08-2020 / Gibraltar

Gibraltar has published the latest National Risk Assessment (NRA), which includes an Executive Summary providing the main threats and vulnerabilities of Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF) that Gibraltar faces.

The NRA 2020 is designed to assist the public and private sector to identify, understand and assess the potential threats and risk levels of ML, TF and PF faced by businesses and regulated institutions within the jurisdiction.

The NRA covers all industries specifically and now includes a section on illicit wildlife trade.

The Gibraltar Gambling Commissioner has already commented that the protection and reputation of the jurisdiction is a partnership between law enforcement, regulators and industry and reiterated that we all need to play our part in understanding and mitigating the risks of money laundering, terrorist and proliferation financing.  He further notes that operator risk assessments will need to be reviewed in light of the content of the NRA.

The private sector has been engaged in the compilation of relevant elements of the document, and its key that all AML and Compliance professionals now review the document to ensure they are considering the content of the NRA 2020 when looking at their own risk assessments.

If you need any assistance in completing a risk assessment for your firm or any other compliance and regulatory related matter, please contact the Ince team on infogibraltar@incegd.com. In this video you can see the methodology applied by our experts.

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Anti-Money Laundering (AML) / Gambling Commission