Risk Based Approach: Reflections on the Elimination of the Unnecessary Burden in AML, CFT, PF Management within the Zimbabwean Casino Sector
Author : Chingozha MP, Chingozha Y, Zimbiru T and Chiyangwa N
Abstract :
To ensure the successful and effective way of handling problems within many spaces, it is not in doubt that the efficacy in resource deployed is pivotal. Its centrality cannot be challenged by progressive minds. To that end, in economic terms, the world over resources are always scarce. This scarcity demands the ranking of priorities into a scale of preference so that the most pressing needs and demands are addressed or attended to first with the limited resources. The phenomenon is known as the opportunity cost. Resultantly, the effort towards the Management of Money Laundering, Financing of Terrorism and Proliferation Financing needs to be approached and tackled from a position of an unadulterated understanding of the context of the individual country. The risk associated with AML/CFT/CPF needs a deliberate approach that follows through all angles and dimensions that might promote the advancement of these triple evils which have the propensity to ravage the serenity within otherwise development oriented spaces. This paper seeks therefore to address the centrality of the Risk Based Approach as a tool to help in the fight against ML/TF/PF within an African context.
Keywords :
Risk based approach, Money laundering, financing of terrorism, proliferation-financing risk.
