25 July 2024
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