Trinidad and Tobago has completed its 2nd National Money Laundering and Terrorism Financing Risk Assessment (NRA) consistent with FATF Recommendation 1, which requires countries to identify, assess and understand their money laundering and terrorist financing (ML/TF) risks and take mitigating actions.

The NRA exercise was conducted using the National Money Laundering and Terrorism Financing Risk Assessment Tool developed and provided by the World Bank. The assessment was coordinated by the National Anti-Money Laundering and Counter Financing of Terrorism Committee (NAMLC) chaired by the Office of the Attorney General, Anti-Terrorism Unit. The process brought together key public and private sector stakeholders and relied on a broad range of relevant information.

The NRA ensures that all stakeholders have a contemporary understanding of ML/TF risks and provides a foundation for applying a risk-based approach to their AML/CFT activities. It therefore is a critical resource for Competent Authorities, Financial Institutions (FIs), Listed Businesses (LBs) and other stakeholders in developing and implementing policies, procedures and actions. FIs and LBs in particular are required to review the NRA and update their institutional ML/TF risk assessment accordingly. The wider Public is also encouraged to access and utilise the NRA report as appropriate.

An update to the 2nd NRA exercise is currently being undertaken.