The Compliance Unit of the Anti-Money Laundering Authority will soon release the findings of its Anti-Money Laundering Sectoral Risk Assessment for Attorneys-at-law and Real Estate Agents.
Chief Compliance Officer, Shari Squires, said the information will be released next Thursday, February 29. The information will be made available after the launch on its website.
Describing the Sectoral Risk Assessment as “critical”, Mrs. Squires explained that it looks at several areas, including vulnerabilities, threats, and inherent characteristics of the sectors.
She noted that an assessment was done on the two sectors in 2019, before the Compliance Unit was given the mandate to supervise the Designated Non-Financial Businesses and Professionals (DNFBPs), which include accountants, attorneys-at-law, dealers in precious metals and stones, and real estate agents.
“We conducted the Sectoral Risk Assessment using a number of methods, including questionnaires, on-site examinations, focus groups, desk-based reviews, polls in our outreach sessions, as well as obtained information from stakeholders. We are now ready to share the information with the attorneys-at-law and real estate agents,” Mrs. Squires stated.
The Compliance Unit of the Anti-Money Laundering Authority was officially launched on November 16, 2022. Its functions include administering the relevant Acts, together with the registration of DNFBPs, as well as supervising and regulating anti-money laundering, combatting the financing of terrorism, and countering the proliferation of financing operations of DNFBPs.
In addition, the Unit establishes standards for strengthening the control and management of money laundering and terrorism financing risk in DNFBPs and issues guidelines for establishing codes of conduct and modernising the sector.
Its services include conducting risk assessments and on-site examinations; performing trend analyses; producing publications, such as guidance notes and pocket guides; and organising outreach and training sessions.