MONEY LAUNDERING REPORT
July 1st, 2005
BY KEITH NUTHALLTHAT criminals abuse the insurance industry is nothing new for a sector routinely screening claims for hints of fraud. However, its managers have proved far less alert to the risk of it being exploited by money launderers and terrorist financers, a new detailed report has claimed. Written by the world's senior anti-money laundering international organisation, the Paris-based Financial Action Task Force (FATF), it claims that the "expansion and increasing sophistication" of the international insurance industry "has not been accompanied by a ...
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