Bangladesh insurers warned on money launderingOctober 6 2015 by InsuranceAsia News Staff
Insurance companies operating in Bangladesh have been warned by the Insurance Development and Regulatory Authority (IDRA) against terrorist financing and possible money laundering.
IDRA chairman Shefaque Ahmed said the authority has conducted special audits on six life insurance firms in Bangladesh to examine their transactions to determine if they involved money laundering or terrorist financing.
During a workshop with chief executives and chief financial officers of life insurers, Ahmed said insurers need to do more to stop money laundering and terrorist financing through their companies.
Non-life insurers were also set to be briefed on the subject. Ahmed said the insurance authority has already set up a financial intelligence unit to help the Bangladesh central bank deal with issues on money laundering.
- March 6
As insurers reach the implementation phase of IFRS 17 there is plenty of work ahead.
- February 28
Insurance Council of Australia chief executive Rob Whelan warns of need for balance to reforms.
- February 27
Insurance firms will need to set up offices in Labuan to benefit from its 3% tax rate.
- February 25
The Chinese government has yet to find an investor for the insurance giant.