Charities to get financing risk profiles
Local charities are to be profiled for their level of risk from money laundering and terrorist financing, according to the Registrar General.
The moves come in tandem with the work of the National Anti-Money Laundering Committee tasked with monitoring and regulating the sector.
The criteria for assessment range from:
• Charitable purpose;
• Risk of being used by terrorist organisation;
• Geographical footprint and international exposure;
• Level of exposure to regions with terrorist activities;
• Size and mount of funds received;
• Disclosures of suspicious transactions;
• Retention and dissipation of funds — especially if overseas;
• Record keeping for donors and recipients;
• Anti-money laundering and antiterrorist financing controls already in place.
The criteria will be used to rate each local charity with a low, medium or high risk profile.
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