Following FATF Recommendation 1 and its Interpretative Note, the National Risk Assessment (NRA) is a self-assessment. In this regard, risk assessment by the authorities is regulated in Article 4 of Law 14/2017, of 22 June, on the prevention and fight against money laundering and the financing of terrorism (ML/TF), which establishes that UIFAND coordinates the adoption of appropriate national measures to detect, assess, understand and mitigate the risks of ML and FT, and that this assessment is reviewed periodically and, in particular, when significant developments or novelties occur.

To undertake this self-assessment, Andorra uses the Risk Assessment Tool for ML and TF developed and made available by the World Bank.

These assessments allow reporting entities to have a better knowledge and understanding of the ML/TF risks to which they are exposed, and it might be used to complement their individual risk assessments and to detect and implement the necessary measures to mitigate these risks.

Relevant documentation: