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Dec 13, 2016

Identifying the Risks for Money Laundering & Terrorist Financing

The World Bank is training entities working in the field of risk assessment for money laundering, terrorism financing, and related crimes to help Belize conduct its first National Risk Assessment. The national Anti-Money Laundering Committee and Financial Intelligence Unit are leading the effort to identify primary money laundering and terrorism financing risks in all areas, from banking to enforcement, and delegating resources to properly fight those issues. F.I.U. Director Kent Clare expounded on some of the profits from the Assessment at today’s workshop being held at the Biltmore Plaza.

 

Kent Clare

Kent Clare, Director, Financial Intelligence Unit

“What we hope to do – once we have the National Risk Assessment in place, it does a couple of things: it serves our interest first – the National Risk Assessment is for Belize; so it allows us, like I said before, to figure out how we are going to address our resources. You know, of course, last week, Belize signed on to the United Nations Convention Against Corruption; and that has to be a focus, because if there is a perception that there is high corruption in your country, then of course your country becomes the type of country that nobody wants to do business with. So, we have to figure out now how we are going to be assigning resources; we are looking at the aspects of corruption – corruption in public life, corruption otherwise. We are looking at credit card fraud; I am quite certain quite a few people out there have had issues, where they have had a very distasteful experience of identity theft, and somebody having access to your finances. So the National Risk Assessment will allow us to figure out how we are now going to configure all the resources we have to address all these particular issues.”

 

The Assessment will take twelve to eighteen months to complete. The workshop continues until Thursday. Clare notes that Belize continues to amend its legislation to satisfy the Financial Action Task Force to close loopholes for moneylenders and other at-risk financial agencies. 

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