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At its last virtual plenary meeting in October 2020, the Financial Action Task Force (FATF) adopted amendments to Recommendation 1 which now require countries and the private sector (financial institutions and DNFBPs) to identify, and assess the risks of potential breaches, non-implementation or . The guidance has been published to enable the private and public sectors to effectively implement the new requirements for the identification and assessment of the risk. The FATF's "Guidance on Proliferation Financing Risk Assessment and Mitigation'' is aimed at countries and their authorities, financial institutions and designated non-financial . To that instance, Financial institutions and DNFBPs may rate the PF risk assessment rating as: 1- Low; 2- Medium; or 3- High; A threat assessment may be conducted to assess the threat of PF in that specific sector whereby some It includes the RUSI Proliferation Financing Rapid Risk Assessment Tool, a spreadsheet-based tool developed by Anagha Joshi for conducting national risk assessments. Investment funds and vehicles. The Financial Action Task Force (FATF) has published its guidance on how to identify and mitigate exposure to the funding of weapons of mass destruction. The FATF is yet to update the FATF Methodology (which provides the nuts and . 09. On 23 September 2021, HM Treasury published the 2021 UK National Risk Assessment (NRA) for proliferation financing (PF). It may take extensive training and practice for the authorities to better their understanding in detecting and reviewing the source of these funds. The UK is one of the first jurisdictions to carry out an assessment of this kind. According to the NPFRA, the primary threat actors with respect to proliferation financing remain the Democratic Republic of North Korea (DPRK) and Iran. In April 2020, the Paris-based international watchdog warned the UAE it needs… For both financial institutions and the public sector, combating financial crime starts with understanding the threat landscape, which is why risk assessment is a cornerstone of effective compliance programs and regulatory regimes. For further discussion on the definition of proliferation financing (PF), see Anagha Joshi, Emil Dall and Darya Dolzikova, 'Guide to Conducting a National Proliferation Financing Risk Assessment', RUSI, May 2019, p. 5. The workshop aimed to. The webinar will bring together a panel of experts from public and private sectors with a global and domestic focus on tackling the financing of the . On March 1, the U.S. Treasury Department published the 2022 National Risk Assessments on money laundering, terrorist financing, and proliferation financing, which highlight significant illicit finance threats, vulnerabilities, and risks facing the United States. On 29 June, FATF reissued this guidance, saying that it had recently revised 2 Standards to require countries, financial institutions, designated non-financial businesses and professions (DNFBP) and virtual asset service providers (VASP) to identify, assess, understand and mitigate their proliferation financing risks. RiskScreen: Eliminating . The proliferation financing risk assessment will assist the UAE's public and private sectors to implement new requirements to identify, assess, and understand proliferation financing risk to develop appropriate measures to mitigate or reduce risk. Data Reporting Service Providers (DRSP) Investment firms. The proliferation financing risk assessment will assist the UAE's public and private sectors to implement… The United Arab Emirates' Executive Office for AML/CFT and the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control have launched assessment of proliferation financing risks in the Emirates. • Carry out a proliferation financing risk assessment • Ensure suspicious indicators for FoP are incorporated into screening and transaction monitoring systems • File Reports . Guidance on Proliferation Financing Risk Assessment and Mitigation. Presentation on Proliferation Financing Risk Assessment by Darya Dolzikova, Research Fellow, Royal United Services Institute (RUSI) at the AMLC-Fintelekt AML/CTF Summit Philippines 2021, conducted virtually from November 22nd - 26th, 2021. The Financial Action Task Force (FATF) will be conducting a Webinar on 16 December 2021 from 16.00 to 17.30 hours (Mauritius Time) on Proliferation Financing Risk Assessment and Mitigation. In addition, it describes the priorities and objectives in addressing financial crime, and assists Mauritius in meeting international obligations set by the . Countering Financing of Terrorism & Proliferation Financing. Central Securities Depositories (CSDs) Credit institutions. This webinar series in five parts focus on proliferation financing risks from a regional perspective (Asia-Pacific) and aim to provide an in-depth analysis of key threats, vulnerabilities, and potential consequences that private firms should consider when conducting their proliferation financing risk assessments. Not every aspect of the guide will be relevant to all jurisdictions. Relevant for. measures, developing an effective AML/CFT risk assessment and compliance framework suitable to their business, and in particular, in detecting and reporting suspicious . Read on to discover more about our organisation and mission. 7 The guidance, first issued . enable proliferation activities or financ ing entities involved in proliferation activities. 3. The FATF PF Risk Assessment Guidance outlines the usefulness of such mechanisms, including the extent to which public sectors can provide relevant private sector entities with typologies, sanctions evasion indicators, and best practices for compliance. The estimates of likelihood are based on a combined assessment of the threat and vulnerability of a channel to TF activity. The FATF's "Guidance on Proliferation Financing Risk Assessment and Mitigation'' is aimed at countries and their . The Proliferation Financing Risk Assessment (PFRA) forms part of the National Anti-Money Laundering and Counter Terrorism Financing (AML/CFT) Strategic Plan 2015-2020 (NSP). Investment fund managers. NRA National Risk Assessment PF Proliferation Financing TF Terrorism Financing . National Risk Assessment; Sanctions; . This risk assessment guide is a resource for jurisdictions to adapt to their own national priorities and processes. The 2020 Proliferation Financing (PF) Threat Assessment revisits the threats and vulnerabilities of the 2015 National Risk Assessment ( NRA), with specific focus on the exposure of the activities that could be linked to PF in the future. In this article, proliferation financing controls refer to measures designed to prevent financing of WMD-related activities. Risk Assessment and the 2015 and 2017 risk assessments of the . The FATF Guidance on Proliferation Financing Risk Assessment and Mitigation will help countries, financial institutions, DNFBPs and VASPs effectively implement these new FATF requirements, introduced in October 2020. 4 Introduction Vision Statement . laundering and countering the financing of terrorism and the proliferation of weapons of mass destruction (AML/CFT). National proliferation financing risk assessment. The guidance would also require banks and other institutions to amend their risk assessments and compliance controls to better identify and report transactions that are potentially linked to arms trafficking. The guideline comes after the intergovernmental body . The FATF issue its Guidance on Proliferation Financing Risk Assessment and Mitigation.. The NRA's scope considers the risks associated with activities that directly or . PROLIFERATION FINANCING (PF) RISK ASSESSMENT. In the world of financial crime, the unknown can be dangerous. The risk assessment will cover how financial resources may be used to develop nuclear, chemical . Moreover, the UK is at the forefront of . Financial Crimes Of Interest to Non-US Persons Department of Treasury Anti-Money Laundering Combating the Financing of Terrorism. This assessment - published by HM Treasury, using input from a wide range of government, private sector and academic partners - highlights the key proliferation financing threats facing the UK today, as well as the specific vulnerabilities in the UK Proliferation financing typically involves the use of networks and brokers, which employ a variety of means to obscure their connection to . The proliferation financing risk assessment will assist the UAE's public and private sectors to implement new requirements to identify, assess, and understand proliferation financing risk to develop appropriate measures to mitigate or reduce risk. The panel includes, amongst others, the co-chairs of the FATF's Policy Development Group and the Risk, Trends and Methods Group, which lead FATF work in this area. NATIONAL STRATEGY FOR COMBATING MONEY LAUNDERING AND . Numerous United Nations Read the Public Consultation on FATF Guidance on Proliferation Financing Risk Assessment and Mitigation here. The FATF's "Guidance on Proliferation Financing Risk Assessment and Mitigation'' is aimed at countries and their authorities, financial institutions and designated non-financial . The key findings of the UK national risk . "The National Proliferation Financing Risk Assessment (NPFRA) identifies, discusses, and ultimately assesses the proliferation financing (PF) risks that the United States currently faces. Proliferation Financing Risk Assessment by Darya Dolzikova. financing risk-assessment methodologies to develop a targeted and nuanced assessment of PF risks specifically. 'National Money Laundering and Terrorist Financing Risk Assessment' issued in February 2013. On the 29th of June, the Financial Action Task Force (FATF) published its Guidance on Proliferation Financing Risk Assessment and Mitigation. This assessment, published by HM Treasury using views and evidence from Government, the private sector, and academic and research partners, provides a comprehensive review of the proliferation financing risks facing the UK. Course Duration: 54 minutes. The risk assessment will cover how financial resources may be used to develop nuclear, chemical . By Andrew Dalip Jr. for AMLi In June 2021 the FATF released its Guidance on Proliferation Financing (PF) Risk Assessment and Mitigation (the Guidance), following the October 2020 updates to the Financial Action Task Force (FATF) Recommendations, which introduce a risk-based approach to proliferation financing (PF). We also committed to publishing a proliferation financing NRA in the Government's economic crime plan. Introduction, Purpose and Scope . This National Risk Assessment (NRA) is the latest iteration of the process by Gibraltar that seeks to identify threats and vulnerabilities in Money Laundering (ML), Terrorist Financing (TF) as well as Proliferation Financing (PF) as it affects Gibraltar as a jurisdiction as well as public sector bodies and the private sector. Looking at proliferation financing challenges as related to export control efforts can significantly improve the overall national capacity of a given country to minimize proliferation financing risks. On 2 March 2021, the Financial Action Task Force (FATF) launched a consultation aimed at private sector stakeholders in relation to guidance which the FATF is developing regarding risks associated with the financing of proliferation of weapons of mass destruction (proliferation financing). Financial crime. the risk of proliferation financing. In June 2021 a number of countries were added to FATF's list of "Jurisdictions under Increased Monitoring," and Ghana was removed from that list. ARTICLE 12 October 2021. 1) Review current mechanisms for trade finance and identify how these may be exploited for financing proliferation; 2) Identify possible measures governments and financial. 5 Joshi, Dall, Dolzikova, Guide to Conducting a National Proliferation Financing Risk Assessment, RUSI Occasional Papers, May 2019 6 Dr. Jonathan Brewer, The Financing of Nuclear and Other Weapons of Mass Destruction Proliferation, CNAS, January 2018, p.4. In summary, this paper outlines the methods of identifying types of money laundering, terrorist financing and proliferation financing risks and the means to assess, evaluate, and mitigate such risks using a risk-based approach. Coordinating Committee - Terrorism Financing/Proliferation Financing Subcommittee (NACC-TFPFSC), utilizes the standard risk framework and the guidance of the Financial Action Task Force (FATF) on TF risk assessment. The identification and assessment of proliferation financing can be very complex. There is no international definition of proliferation financing. The NRA sets out the key money laundering and terrorist financing risks for the UK, how these have changed since the UK's second NRA was published in 2017, and the action taken since . A risk assessment is a necessary precursor for an effective response to proliferation financing. Proper understanding, assessment, management and mitigation of the Proliferation Financing Risk, as mandated by the latest amendments to the FATF Recommendations, is a subtle task that calls for . 14. On June 29, 2021, the Financial Action Task Force (FATF) released guidelines for national supervisors, banks, and other businesses on how to detect and reduce their exposure to the financing of weapons of mass destruction. Crowdfunding service providers. The same is true for counter-proliferation finance. Money laundering Terrorist financing Proliferation financing Suspicious transactions such as deposits uncharacteristic of customer's wealth or the expected . On 29 June, FATF reissued this guidance, saying that it had recently revised 2 Standards to require countries, financial institutions, designated non-financial businesses and professions (DNFBP) and virtual asset service providers (VASP) to identify, assess, understand and mitigate their proliferation financing risks. It may therefore be useful to think of proliferation financing as three categories of activities that should be considered as part of counter-proliferation financing (CPF) efforts. Jun. The Executive Summary of the Terrorist Financing Risk Assessment for NPO Sector in Mauritius shows that the overall inherent risk of terrorist financing abuse of NPOs in Mauritius was assessed as Low-Medium. 3) Consider mechanisms for information sharing to support risk mitigation. Money laundering, terrorist financing and proliferation financing, have devastating real world consequences. sector could take to mitigate risks; and. The main objectives of this risk assessment are to support development of appropriate strategies and recommend measures to mitigate the risks and to address the gaps . This notice reminds us that FATF considers a jurisdiction's counter-proliferation activity in assessing the risk of money laundering\, terrorist financing or proliferation financing. On March 1, 2022, the US Department of the Treasury issued the 2022 National Risk Assessments (NRAs) on Money Laundering (NMLRA), Terrorist Financing (NTFRA) and Proliferation Financing (NPFRA).. ENEGY, ECONOMICS SECUIT OCTOBE 2018 The Financing of WMD Proliferation: Conducting Risk Assessments 1 Executive Summary he proliferation of weapons of mass destruc - tion is a critical threat facing the international community. The same is true for counter-proliferation finance. WASHINGTON - The U.S. Department of the Treasury today issued the 2022 National Risk Assessments (NRAs) on Money Laundering (NMLRA), Terrorist Financing (NTFRA) and Proliferation Financing (NPFRA). The NPFRA, in conjunction with the 2018 National Money Laundering Risk Assessment (NMLRA) and 2018 National Terrorist Financing Risk Assessment (NTFRA), together provide an overview of the current illicit finance risks to the United States. The FATF 40 Recommendations provide the international standards which all countries are expected to meet; it is IoM Government policy to adhere closely to these . The Financial Action Task Force (FATF) has published its guidance on how to identify and mitigate exposure to the funding of weapons of mass destruction. The FATF and Proliferation Financing Risk. Financial Intelligence Unit. This Guidance seeks to develop a common understanding about the impact of the amendments to R.1 and INR.1, in particular, on how countries and private sector entities could implement the new requirements to assess and mitigate proliferation (TF) and proliferation financing (PF) threats over the next three years. 2 h. the Terrorist Financing Risk Assessment for the NPO Sector in the Cayman Islands dated February 2020; i. the National Risk Assessment of Money Laundering and Terrorist Financing (ML/TF) in the Special Economic Zone dated February 2020; and j. 2 The FATF recently revised its Standards to require countries, financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) to identify, assess, understand and mitigate their proliferation financing (PF) risks. a Financing-of-Proliferation Risk Assessment. (c) extending the scope of the FIAMLA to include the financing of proliferation; (d) establishing a legal framework to support the National Risk Assessment exercise; The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), which comprises 18 countries in the eastern and southern African region, is a Regional Body subscribing to . Source: 'Guide to Conducting a National Proliferation Financing Risk Assessment', Royal United Services Institute 2019 15. the remaining, or residual, PF risk to the U.S. financial system and U.S. national security. On 29 June 2021, the Financial Action Task Force (FATF) published guidance on proliferation financing risk assessment and mitigation.The guidance seeks to develop a common understanding about the impact of the changes that FATF made in October last year to Recommendation 1 and its Interpretative Note to require countries and private sector entities to identify, assess, understand and mitigate . . On 1 March, FATF is developing guidance to help both public and private sectors in implementing the new requirements to identify, assess, understand and mitigate proliferation financing risk as defined in FATF Recommendation 1 and its Interpretive Note. 3. However, the FATF produced a working definition of proliferation financing based on UNSCR 1540, which reads as follows: "Proliferation financing" refers to the act of providing funds or financial services which are used, in whole or in part, for the manufacture, acquisition . Crowdfunding service providers. The Financial Action Task Force (FATF) has published its guidance on how to identify and mitigate exposure to the funding of weapons of mass destruction. In June 2021 a number of countries were added to FATF's list of "Jurisdictions under Increased Monitoring," and Ghana was removed from that list. The Guidance, which builds on earlier engagement with stakeholders since 2018 and reflects the input from a public consultation . The guidance, first issued . respect of proliferation or the financing of proliferation, anyone with suspicions or concerns in connection to international trading, the movement of goods or technology, or the provisions of financial or technical assistance should in the first instance contact CED Following a National Risk Assessment completed in 2015, the Island underwent an Investment fund managers. Financial Intelligence Units (FIUs) play a vital role in countering these types of criminality. The UAE has launched a comprehensive assessment of proliferation financing risks as it strives to avoid being placed on the Financial Action Task Force (FATF) 'grey list' of countries with strategic deficiencies in their anti-money laundering and counter financing of terrorism (AML/CFT) regimes. Relevant for. finance risks with the first National Risk Assessment of Proliferation Financing. FATF consults on guidance relating to Proliferation Financing Risk Assessment and Mitigation. These NRAs address what Treasury deems finance vulnerabilities in the United States, including changes to the illicit finance risk environment resulting from the COVID-19 pandemic, ransomware . For both financial institutions and the public sector, combating financial crime starts with understanding the threat landscape, which is why risk assessment is a cornerstone of effective compliance programs and regulatory regimes. 2. This notice reminds us that FATF considers a jurisdiction's counter-proliferation activity in assessing the risk of money laundering\, terrorist financing or proliferation financing. proliferation financing risk assessment or mitigation. An incoming administration and the Treasury Department's expected 2021 update to the National Proliferation Financing Risk Assessment is an opportunity for the U.S. government to set an aggressive counterproliferation financing (CPF) agenda. The Department of the Treasury should support the current initiative to include proliferation . In this guidance paper, 'virtual assets' refer to digital payment tokens such as Bitcoin. Course Points: 50. Central Securities Depositories (CSDs) Credit institutions. From: HM Treasury Published 23 September 2021. THE FINANCING OF TERRORISM AND PROLIFERATION 2019- 2022 This is the UK's first NRA focused on PF and it fulfils a commitment the UK government made as part of the 2019 Economic Crime Plan. 2022. Key Findings of the Legal Persons and Arrangements Risk Assessment published May 2020. As the title suggests the document provides guidance around assessing and mitigating risks of proliferation financing, but most importantly for the crypto assets industry, it clarifies that FATF . FATF Guidance on Proliferation Financing Risk Assessment and Mitigation September 7, 2021.. Press Release Bahamas delisted from Financial Action Task Force's Grey-list of Jurisdictions under Increased Monitoring 18th December 2020 June 14, 2021.. Upcoming Events: Thu. These documents highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States. The Financial Action Task Force, the global standard-setter on issues of financial crime, now require all its member states and private sector to conduct proliferation financing risk assessments, in order to better understand they are trying to detect and disrupt. 2. . Proper management and mitigation of the Proliferation Financing Risk can keep countries and global FIs from being subject to de-risking measures by their international counterparties. Financial Action Task Force, Guidance on Proliferation Financing Risk Assessment and Mitigation b) Document the Proliferation Financing Risk assessment, separately from the ML and TF risks, taking into account the applicable national risk assessments. This webinar series in five parts focus on proliferation financing risks from a regional perspective (Asia-Pacific) and aim to provide an in-depth analysis of key threats, vulnerabilities, and potential consequences that private firms should consider when conducting their proliferation financing risk assessments. The Guidance seeks to assist both sectors in conducting a risk assessment in the context of proliferation… Alternatively, and recognising that some jurisdictions may not have existing risk-assessment methodologies suitable for adaptation, the guide is also accompanied by the RUSI Proliferation Financing Rapid Risk Assessment Tool, see Annex 6. Investment funds and vehicles. 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