National Risk Assessment – Lessons Learned

The topic on the agenda of the fourth day of the 40th MoneyVal Plenary was the exchange of experiences in the implementation of the new FATF Recommendation I, i.e. the requirement to conduct a National Risk Assessment on money laundering. Given that Serbia has gone the furthest in the implementation of this recommendation, Serbian delegation to the MoneyVal Committee was invited to share its experiences and the challenges Serbian authorities faced in this extensive process with the representatives of the other countries.

Mr. Aleksandar Vujičić, the Director of the APML and Head of Serbian delegation to the MoneyVal, presented Serbia’s experiences and challenges encountered in the implementation of this comprehensive process and gave some recommendations to the other countries as to the data collection and analysis methodology, which is relevant for the development of this important strategic document.

As a reminder, Serbia is implementing the National Risk Assessment according to the World Bank methodology, and the final report on the risks of money laundering and recommendations on the preventive measures will be completed by the end of 2012.