Aruba completes its Terrorist Financing and Proliferation Financing National Risk Assessment

On July 7, 2021, the Government of Aruba published a press release on the results of its Terrorist Financing and Proliferation Financing National Risk Assessment (TF/PF NRA).

 

A methodology and tool developed by the World Bank have been applied to carry out the assessment, not only in compliance with the FATF Recommendations but also in preparation for the evaluation by the CFATF of the effectiveness of Aruba’s AML/CFT framework taking place in the third quarter of 2021.

 

To date, Aruba has had no prosecutions or convictions in connection with terrorist financing or proliferation financing. Therefore, the TF and PF risk assessments were conducted based mostly on unusual transaction reports (UTRs) submitted to the FIU, intelligence information, information from the Public Prosecutor’s Office, open source information, regional TF/PF typologies, and expert opinions. Weaknesses or gaps in Aruba’s defenses against TF and PF ( ‘vulnerabilities’) were identified by assessing the quality of legislation, the quality of intelligence, the effectiveness of unusual transaction reporting, monitoring, and analysis, the adequacy of resources, the effectiveness of international cooperation, awareness and commitment to fight TF and PF, the quality of supervision, and the vulnerability of Aruba’s Non-profit organizations (NPOs) to being misused for TF.

 

The Prime Minister as Chair of the National AML/CFT Steering Committee approved the TF/PF NRA report on June 10, 2021. Because of intelligence information in the TF/PF NRA report, the report is classified as strictly confidential. Therefore, only the general conclusions are shared with the public via a press release.

 

The Government of Aruba is in the process of designing a comprehensive AML/CFT/CFP strategy to mitigate the identified risks in order of priority.  The intention is to repeat the TF/PF NRA every 5 years. However, if certain developments trigger a need for an earlier assessment at the national level, such an assessment will be carried out expeditiously.

Click here to read the complete press release.