Nearly a decade after the Financial Action Task Force (FATF) introduced requirements for National Risk Assessments (NRAs) of money laundering and terrorism financing (ML/TF) risks, the international community is at the right point to review the past 10 years and assess whether the risk-based approach to AML/CFT is developing as intended, according to the World Bank.

As a result, it has commissioned and published a landmark report that evaluates the quality of ML/TF risk assessments by eight countries and draws lessons to guide future risk assessments by analysing what is working, what is not working, and how a risk-based culture and operational focus can be bolstered.

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