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The National Risk Assessment (NRA)

The National Risk Assessment (NRA) for the Principality of Monaco was undertaken in order to identify, assess and understand the real or potential risks facing the country in terms of money laundering and terrorist financing (AML/CFT).
As part of this exercise, five working groups were set up. These groups reviewed and analysed the following issues:

  • The AML/CFT threat;
  • The Principality’s overall vulnerability to AML/CFT;
  • The specific vulnerability of the financial sector (banks, securities, insurance);
  • The specific vulnerability of other financial activities;
  • The vulnerability of other sectors (designated non-financial businesses and professions (DNFBPs).

The assessment procedure, based on the World Bank tool, comprises several steps. Firstly, a launch workshop was held in Monaco in December 2015. This was followed by the establishment of the working groups.
These groups then gathered qualitative and quantitative data by means of numerous interviews, questionnaires aimed at all professionals covered by Act No. 1.362 amended and the review of a large number of reports published by both national (CCAF, Department of Budget and Treasury, SICCFIN, etc.) and international (GRECO, FATF, Moneyval, Egmont Group, etc.) bodies.
Finally, this data was processed and formatted using tools supplied by the World Bank. The results were used to produce a first draft report, on the basis of which this report was written.
The process also included a second workshop, which was attended by the World Bank monitoring team and held on 13 and 14 June 2017 in Monaco. During this workshop, the results of the NRA were presented to the relevant authorities and to professionals working with AML/CFT issues.

N.B: this document is a summary which takes account of the work carried out by groups 1 to 4 and their contributions.

The work of group 5, however, remains incomplete. In particular, it has not been possible to include the sectors relating to high-value dealers, or regulated professions covered by Article 2 of Act No.1.362 amended. The failure to complete this work can be explained by difficulties both with the organisation of the DNFBP working group and in adopting the World Bank methodology.

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