The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in collaboration with the West African Insurance Companies Association (WAICA) organizes, from 23rd to 24th November 2009, in Banjul (Gambia), a Workshop on Roles of the Insurance Industry in Combating Money Laundering and other Financial Crimes. The objectives of the seminar are to:

§ Enhance the capacity of the Insurance Association to better apply the FATF 40 + 9 Recommendations;

§ Raise awareness of insurance companies and brokers on the possible vulnerability associated with their operations;

§ Educate participants on AML/CFT requirements in the region;

§ Review international standards and best practices, including recommendations in respect of Insurance sector;

§ Create a networking forum and information sharing platform for Insurance brokers and their regulatory agencies;

§ Make 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.

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, including panel presentations and discussions, review of case studies and legislation.

The seminar targets hundred actors from the insurance profession in English speaking countries in West Africa, namely Ghana, The Gambia, Liberia, Nigeria and Sierra Leone.

The programme will include presentations by a panel of experts on the following topics: Legal Framework on Money Laundering and Terrorist Financing; Application of Customer Due Diligence; FATF 40 + 9 Recommendations to Real Estate; International Case Studies on Money Laundering through the insurance sector; Regional presentations on the insurance situation; Regulation and Supervision.

The West African Insurance Companies Association (WAICA) was founded in 1973 by insurance institutions in the five English speaking West African countries.

It aims to be a "Facilitator par excellence" and with view of working for the improvement of the image of the insurance industry in West Africa, and being of beneficial relevance to the members of the Association in particular and the insuring community at large, whilst assisting in the creation of the enabling environment for industries and economies in our sub-region to thrive.