Following FATF’s issuance of updated public statements of higher risk jurisdictions in February, HM Treasury has published an updated Advisory Notice which can now be found here: https://www.gov.uk/government/publications/money-laundering-and-terrorist-financing-controls-in-overseas-jurisdictions-advisory-notice These publications can all be found on the FATF website at: http://www.fatf-gafi.org/ Further please find attached the link to the current list of designated persons. https://www.gov.uk/government/publications/current-list-of-designated-persons-terrorism-and-terrorist-financing   […]

Case study 1   In October a motor insurance policy was purchased by Mr X. The premium was based on 4 years no claims bonus and the premium was paid by way of debit/credit card via the internet. Mr X cancelled cover on the 5th November and asked for the refund of premium to be paid […]

Intermediaries – case study 19 A person (later arrested for drug trafficking) made a financial investment (life insurance) of USD 250,000 by means of an insurance broker. He acted as follows. He contacted an insurance broker and delivered a total amount of USD 250,000 in three cash instalments. The insurance broker did not report the […]

Life policies – case study 13 A financial adviser approached a life insurance company in order to make a pre application enquiry on behalf of a prospective customer to PEP classifications and other issues. The potential applicant was married to a former president of a developing country who was in self-imposed exile due to outstanding […]

Life policies – case study 6 A couple in their twenties purchased several single premium life insurance contracts with the same insurance company. A little later they requested an early repayment of these policies in cash. This, combined with the young age of the insured, attracted the attention of the insurance company. The FIU found […]

Life policies – case study 1 Mrs T (teacher) from country A, entered into a life insurance policy with a small initial premium being paid. The transaction was arranged by Mr B who was the agent of insurance company C and a cousin of Mrs T. Two days later, company C made a payment of […]

The International Association of Insurance Supervisors (IAIS) has issued an application paper on combating money laundering and terrorist financing. The purpose of the paper is to provide information on how money laundering and terrorist financing can occur within the insurance sector, and on measures to mitigate the associated risks. It supplements Insurance Core Principle (ICP) […]

Dawood Ibrahim, the man who maimed Mumbai on March 12, 1993, has emerged as the face behind home-grown terrorist outfit Indian Mujahideen (IM). Dawood and his intricate network of bogus Hawala firms, spread across the country, have been covertly financing IM’s network in India, said sources in the central agencies and counter-terrorism units investigating blast […]