Participants at Zimbabwe’s 2nd National ML/TF Risk Assessment Progress Review Workshop, facilitated by the World Bank
07-09 May, 2019 – Rainbow Kadoma Hotel & Conference Centre, Kadoma
The National Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Task Force of the Republic of Zimbabwe commenced the 2nd National ML/TF Risk Assessment (NRA) exercise in February 2019, as part of its efforts to identify assess and understand the country’s exposure to money laundering and terrorist financing (ML/TF) risks, and come up with AML/CFT controls which will be commensurate with the varying levels of Ml/TF risks that would have been identified in the various sectors of the economy. The World Bank Risk Assessment Tool is being to carry out the national risk assessment.
The Financial Intelligence Unit of Zimbabwe, which is the designated agency spearheading the NRA, together with the Ministry of Finance and Economic Development, recently held a three-day retreat workshop in Kadoma, which was facilitated by three World Bank technical experts, from the 7th to the 9th of May 2019. The workshop deliberated on the 1st draft reports, that were produced by the various Modules of the NRA. Sixty-three (63) participants, drawn from all stakeholders participating in the NRA, attended the workshop. This is the second time the country is conducting the national risk assessment, having conducted the first one in 2015.
The country is conducting the national risk assessment, in line with provisions of Recommendation 1 of the Financial Action Task Force, which states that “ countries should take appropriate steps to identify and assess the money laundering and terrorist financing risks for the country, on an ongoing basis and in order to: inform potential changes to the country’s AML/CFT regime, including changes to laws, regulations and other measures; and assist in the allocation and prioritisation of AML/CFT resources by competent authorities”.