A two-day seminar organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in collaboration with the West African Insurance Companies Association (WAICA), on the Roles of the Insurance Industry in Combating Money Laundering and other Financial Crimes is underway at the Jerma Beach hotel

The objective of the seminar among other things is to enhance the capacity of the Insurance Associations to better apply the FATF 40 + 9 Recommendations. The meeting will also discuss and raise awareness of insurance companies and brokers on the possible vulnerability associated with their operations. Participants will also be educated on AML/CFT requirements in the region.

A review of international standards and best practices, including recommendations in respect of Insurance sector in a way to create a networking forum and information sharing platform for Insurance brokers and their regulatory agencies; recommendations on how to enhance the capacity of brokers and regulatory agencies to effectively combat money laundering within their businesses and professions in West Africa will all be well tabled for discussion.

The seminar targets hundred actors from the insurance profession in English speaking countries in West Africa; namely Ghana, Liberia, Nigeria, Sierra Leone and The Gambia. Through its economic and financial activities, the insurance sector becomes a target for unscrupulous individuals to use as a means of siphoning money or financing terrorism. Vulnerabilities of the insurance sector to misuse of money laundering can be through the investment aspect of life insurance or life insurance policies and regulation within the sector, to fully implement the provisions under the FATF 40 + 9 Recommendations.

The seminar will be facilitated by technical experts with extensive working experience on anti-money laundering measures with backgrounds in the insurance business. A variety of methods will be used during the sessions.