National Risk Assesment 2024
Article 7 of Directive (EU) 2015/849 of the European Parliament and of the Council of May 20, 2015, on the prevention of the use of the financial system for the purposes of Money Laundering or Terrorist Financing (the Fourth Directive) establishes the obligation to prepare and publish a national risk assessment. Similarly, the Financial Action Task Force (hereinafter, FATF) in its Recommendation 1 establishes that countries have a duty to identify, assess, and understand the risks of Money Laundering and Terrorist Financing (hereinafter, ML and TF, respectively).
These premises were addressed in the National Risk Assessment (hereinafter, NRA) published in its full version in 2020.
A new publication has been prepared that updates the existing threats and vulnerabilities at the national level, as well as the sectors facing risks that have emerged since the previous report.
This update, based on new variables affecting certain sectors, serves as a national strategy to identify new threats, vulnerabilities, and potential risks affecting those sectors, with the aim of highlighting the mitigating measures that have been established or that can be established to address these risks.
The objective of this analysis is therefore to conduct a partial update of the 2020 NRA, since certain sectors have not experienced substantial changes in the risks identified in the previous study, have not been affected by significant regulatory updates, and have not been threatened by recent or new criminal activities that could compromise their preventive systems. Furthermore, the report analyzes two major events that presented new challenges that both institutions and authorities at the national and international levels had to address in the area of ML/CFT. These events are the COVID-19 pandemic and the Russia-Ukraine war.