The Council of Europe, in close cooperation with the Anti Money Laundering and Counter Terrorist Financing Unit of Jordan, organised the regional workshop “AML/CFT risk-based approach to supervision for DNFBPs supervisors” on 6-7 March 2023.
The event gathered 40 representatives of selected Designated Non-Financial Businesses and Professions (DNFBPs) supervisory authorities including real estate, accountants and auditors, legal professionals, traders of previous stones and precious metals, Financial Intelligence Units (FIUs) as well as anti-corruption authorities of Jordan, Morocco, Palestine* and Tunisia.
In view of identified needs of beneficiary jurisdictions regarding Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) applicable obligations and supervision standards to DNFBPs, the regional event aimed at enhancing the capacities of the DNFBPs supervisory authorities in the Middle East and North Africa beneficiary jurisdictions in conducting AML/CFT risk-based supervision. Participants were introduced to the relevant international standards and enhanced their skills on how to incorporate a risk-based approach to the supervision of DNFBPs, related concepts and tools, sectorial and entity specific risk assessment.
Furthermore, the event provided the opportunity for participants to exchange their experiences, practices and challenges related to effective risk-based supervision of DNFBPs in view of identifying good practices and lessons learnt. In this regard, participants had a discussion and exchange of experience on good practices and challenges in the implementation of requirements in applying risk-based approach supervision in Lithuania.
The Council of Europe will provide further support to the mentioned jurisdictions to develop and strengthen their risk-based approach to supervision of DNFBPs.
The activity was organised in the framework of the project “Promotion of good governance: fight against corruption, money laundering and financing of terrorism in the Southern Mediterranean” (SNAC 5), under the joint EU/Council of Europe Programme “Protecting human rights, rule of law and democracy through shared standards in the Southern Mediterranean” (South Programme V).