Anti-money laundering: GFIA responds to Financial Action Task Force consultation

The Global Federation of Insurance Associations (GFIA) has responded to the Financial Action Task Force's - the money laundering and terrorist financing watchdog - consultation on updating guidance to the National Risk Assessments (NRA).

GFIA understands that the NRA guidance aims to make it more effective, comprehensive and useful. GFIA reiterates its long-standing view that policymakers should follow the risk-based approach promoted by FATF on guidance regarding anti-money laundering.

Any new rules to fight money laundering/terrorism financing should only consider covering life insurance, which has some, albeit very low, exposure to these risks. General insurance exposure to both anti-money laundering/terrorism financing is close to non-existent. NRAs should consider this position in the guidance review process.

Read GFIA' s full consultation response here