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Anti Money Laundering Measures In Insurance Activities Issued |
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The instructions and measures to deal with the anti money laundering crimes in the insurance activities, have been issued by UAE Economy Minister and Board Chairman of the government National Insurance Authority HE Engineer Sultan Al Mansouri. HE Fatima Mohammed Ishaq Al Awadhi, deputy director general of the authority, said the issuance of the instructions comes with keenness of the authority, which was set up as per the federal law number six of year 2007, to cooperate and coordinate with the control and monetary authorities to ensure safety of the financial system in the country. She added that the article one of the instructions defines money laundering concept in which offenders conceal and change source of money gained in illegal ways to make them as legal. This illegal money includes money use in financing terrorism or crime activities. The UAE central Bank issued a circular number 24 of year 2000 and its amendments in this respect. Al Awadhi noted that the instructions considers offender in the anti money laundering crime to be one who commits or assists in illegal money activities as stated in the second clause, article one of the federal law number 4 of year 2002. She added that the instructions and measures specified in the article three would be applicable on all the insurance companies, including foreign insurance companies operating in the UAE. Al Awadhi underlined that the insurance companies and the professions related to them would be held accountable in case anti money laundering crime is committed in their names or in the names of their firms or accounts intentionally. She called on the insurance firms and the professions related to them to rectify their status as per these instructions within period not more than three months from the date of issuance. The move comes in line with a series of measures taken by the authority since its inception late 2007 to streamline and update this sector as per the international standards and specifications, as well as enable the national insurance companies to implement the latest concepts implemented in the insurance sector to further boost their competitive capabilities in the regional and world insurance markets. |
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