Insurance companies advised to help combat money laundering

May 26, 2014

Insurance companies have been advised to play active role in combating money laundering and terror financing. The suggestion came at a conference, of the chief executives of the country’s insurance companies, held in the city on Sunday. Addressing the conference, Bangladesh Bank governor Atiur Rahman said Bangladesh already came out of the gray list of Terrorism Financing of the Financial Action Task Force.
‘This has been a great achievement for the country, but we should make our anti-money laundering and anti-terror financing activities and
management more effective to keep this success beneficial to the nation,’ Atiur said.
The governor said as per the rules and regulations of the FATF and its regional body, Asia Pacific Group on Money Laundering and the implementation process of FATF recommendations by Bangladesh would be reviewed in 2015, which is known as mutual evaluation.
He advised all insurance companies to play due and active role in fighting against money laundering and terror financing so the mutual evaluation process goes well.
M Aslam Alam, secretary,
banking and financial institutions department of the finance
ministry, told the conference that the country needed implementation of the FATF recommendations for combating money laundering and terror
financing.
He suggested building awareness besides following the rules and regulations to fight against money laundering and terror financing.
BB deputy governor and Bangladesh Financial Intelligence Unit chief Abu Hena urged the chief executives and other staff of insurance companies to be more cautious about money laundering.

-With New Age input

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