FATF: PUBLIC CONSULTATION ON THE DRAFT RISK-BASED APPROACH GUIDANCE FOR THE LIFE INSURANCE SECTOR

On 6th July, FATF released draft guidance and asked for responses from private sector stakeholders by 17th August.  The draft guidance contains a section on Guidance for the private sector.  Specific comments is asked for on whether this section provides sufficient clarity for the design and implementation of risk-based AML/CFT measures by life insurers and life intermediaries, and any additional suggestions, are welcomed.  The draft guidance also includes examples of risk factors relevant for the ML/TF risk assessments of insurance entities and comments and additions to this would also be welcomed.  FATF intends to adopt the final Guidance at its October 2018 Plenary meeting.

http://www.fatf-gafi.org/publications/fatfgeneral/documents/public-consultation-guidance-life-insurance.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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