On 23-25 October, Ukrainian city of Chernivtsi hosted an international workshop “National Risks Assessment as a Tool of Tackling Illicit Financial Flows” organised by EUACI in partnership with OSCE and Poland’s Ministry of Finance. The workshop aimed to raise awareness about the steps that have already been taken within the National Risk Assessment (NRA) process.
In addition to State Financial Monitoring Service of Ukraine (SFMS) representatives, Ukrainian experts from the agencies involved in risk assessment system – NABU, National Police, National Bank of Ukraine, Security Service of Ukraine – attended the workshop.
During the three-day workshop, attendees discussed a range of topics, including:
- preventing legalization of the proceeds of crime and terrorist financing as the state’s strategic priority;
- e-account as a mechanism for securing the information exchange between entities in the financial monitoring system;
- sectoral risk assessment of the banking system in the field of financial monitoring;
- financial transactions of goods.
National Risk Assessment (NRA) is a multi-agency coordination process where government bodies identify and assess the money laundering and terrorist financing risks in a country. Based on that assessment, each country should apply a risk-based approach (RBA) in order to prevent or mitigate those risks. Each country must take such approach in accordance with Financial Action Task Force (FAFT) recommendations, although they can have their own NRA methodology.
