The Ministry of Justice has published its first vertical risk assessment on money laundering and terrorist financing related to legal persons and legal arrangements. The assessment has been adopted by the national AML/CFT committee, in which the ABBL participates.
Professionals will be able to use this risk assessment to adapt their risk matrices and better understand the threats to which legal persons/arrangements are exposed. This will eventually help to mitigate AML/CFT risks when receiving these clients.
It complements the National Risk Assessment updated in December 2020 (ENR 2020), and responds to FATF Recommendation 24 which states that "[a]s part of the process of ensuring adequate transparency of legal persons, countries should have mechanisms in place that [...] assess the money laundering and terrorist financing risks associated with the different types of legal persons created in the country.