A team from the World Bank Group is assisting the Seychelles authorities in undertaking its second National Risk Assessment (NRA) on money laundering and terrorism financing. The Working Group for the National Risk Assessment is led by the Ministry of Finance, National Planning and Trade and the Central Bank of Seychelles. The National Risk Assessment started on the 4th of July,2022 and is expected to take 15 months to complete.
The assessment aims to review the primary money laundering and terrorism financing risks in the country through a comprehensive analysis. This will then help to amend the strategy and mitigating actions to address the vulnerabilities. It will assist in allocating resources for the fight against money laundering and terrorism financing more effectively and efficiently, while meeting international standards.
The risk assessment process itself is organized, led and undertaken by the government officials and private sector representatives using the World Bank Group’s self-assessment tool.
Seychelles is in essence developing its own resources to undertake the risk assessments with periodical expert assistance. The World Bank Group conducted a capacity building exercise to assists the authorities to use and understand the NRA. The assessment helps facilitate collaboration between different government agencies and the private sector responsible for anti-money laundering and counter terrorism financing efforts.
The results of the assessment are confidential but further details on general aspects of the NRA can be obtained upon request by email to National Anti-Money Laundering and Countering the Financing of Terrorism committee.
Any further inquiries on the work being undertaken in the Seychelles should be directed to NRA Coordinator.