GOA summary report money laundering national risk assessment

On March 23, 2021, the Government of Aruba published the summary report of its money laundering national risk assessment (NRA).

The NRA commenced in October 2018 with involvement of more than eighty stakeholders from the public and private sectors and took approximately 18 months. The Centrale Bank van Aruba (CBA) acted as the project leader and coordinator for the NRA and also chaired two of the working groups: (1) Banking, and (2) Other Financial Institutions. Additionally, the CBA participated in the other three working groups, namely (1) National Threats, (2) National Vulnerabilities and (3) Designated Non-Financial Businesses and Professions.

The assessment resulted in a detailed report and a summary report (for publication purposes) based on the discussions and outcomes of the NRA. The Chair of the National AML/CFT Steering Committee approved both reports on February 21, 2021. The findings included in the reports take into account Aruba’s economic and geographical environment, its legal, judicial and institutional framework, as well as crime trends.

The NRA concluded an overall money laundering risk rating of Medium-High for Aruba, in part also the result of its geographic location, its excellent infrastructure, and its well-developed financial and business sectors.

The results of the NRA will be used by Aruba to enhance its AML/CFT framework. The CBA will use the results of the NRA to further finetune its risk-based approach in the area of AML/CFT supervision.

Financial service providers and designated non-financial service providers are required to include the results of the NRA in their business risk assessments and, if necessary, adapt their policies, procedures, and measures in order to mitigate and effectively control the money laundering risks to which their sectors are exposed.

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