UAE – The Insurance Authority seeks to uncover money laundering
Tuesday, 06 23 2015, Category: Insurance and Reinsurance, Country: U.A.E
The new guidelines of the Insurance Authority requested all insurance companies and related professions to deliver reports about unusual and doubtful insurance transactions in order to face money laundering crimes and fight terrorism financing in insurance activities.
The instructions issued by His Excellency Sultan Bin Saeed Al Mansoori the minister of the economy, the chairman of the Insurance Authority stipulated that the chairman, board members, managers, and employees of companies should notify the anti-money laundry financial unit in order to face doubtful cases in the central bank whenever there are reasonable bases for suspicions in an transaction or a transaction attempt exceeding the amount set in relation to money laundering or terrorism and unlawful organizations financing as set in the Federal law No 4 of year 2002 which covers money laundering crimes and its amendments.
Source: Al Bayan - UAE