FATF MONEY LAUNDERING TYPOLOGIES REPORT – INSURANCE
October 1st, 2005
BY ALAN OSBORNA REPORT issued this summer by the world's top anti money laundering body, the Paris-based Financial Action Task Force (FATF), has highlighted the peculiarities of the insurance industry as a vehicle for money laundering. The FATF's "Money Laundering and Terrorist Financing Typologies 2004-5" analysed 94 reported cases of money laundering involving the insurance industry between 1999 and 2003. Some US$525 million was laundered in this way, with an average of US$2.1 million for cases within developed countries. The figures are rather less striking ...
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