- · Assessing the ML/TF risk, it faces.
- · Evaluating the effectiveness of its risk mitigation strategies.
- · Prioritizing its risk mitigation activities.
- · Making and justifying decisions about limiting AML/CFT coverage for low risk sectors and products.
Saudi Arabia conducted two separate national assessments for the money laundering (ML) and terrorism financing (TF) risks. The Anti-Money Laundering Permanent Committee (AMLPC) is responsible for conducting the ML NRA and the Permanent Committee for Counter Terrorism (PCCT) for the TF NRA.
Both the ML and TF risk assessments based on a large range of qualitative and quantitative data that focus on the key ML or TF risk events. Statistics were collected from all competent authorities, results of separated surveys that prepared from working teams, discussions during the technical team meetings and bilateral meetings with competent authorities, number of reports received from international, regional, and national sources, data and information provided in annual reports of various competent authorities, strategic analysis reports of SAFIU, academic studies and studies carried out by governmental think, verdict cases, open source data and published reports, result of the workshops were held with experts from the competent authorities, AML/CFT self-assessment Reports, and outcomes of criminal investigations.
The working groups established technical teams constituted from many competent authorities that are the LEAs, Supervision, investigation, prosecution, convictions entities, other relevant authorities, and private sector.
The NRA identified threats, vulnerabilities and consequences. In addition, the regulated sector that are FIs, DNFBPs, legal persons, and NPOs, were assessed in ML/TF risk.
AMLPC& PCCT held many workshops related to result of NRAs with other relevant permeant committees and other competent authorities that are not members in their committees to share the result of NRAs and assists these entities in identifying their priorities and direct its resources to combat those risks more effectively.
The private sector were involved in the process of preparing ML and TF NRAs and provided input through questionnaires and in some cases by providing more detailed data. After the conclusion of the ML/TF NRAs, private sector representatives were informed of the results through a series of workshops and meetings with the supervisors.
AMLPC& PCCT (coordination with competent authorities) prepared the national strategic objectives to combat ML/TF and its National Action Plan for implementation that aim to assist in the mitigation of ML/TF NRA and supports efforts in AML/CFT.