MONEY LAUNDERING
February 1st, 2003
BY KEITH NUTHALLTHE INSURANCE sector may be so vulnerable to money laundering, its exposure should be probed in depth, the Financial Action Task Force (FATF) of the Organisation for Economic Cooperation and Development (OECD) has said. Its report on Money Laundering Typologies concludes that brokers often have "little or no training in anti-money laundering issues" and are used to "place cash funds into various financial institutions." FATF investigators discovered brokers paying insurance premiums from their own accounts, to be "presumably....reimbursed by the ...
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