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FIU ROLLS OUT MEASURES FOR THE PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING IN THE INSURANCE INDUSTRY.
FIU ROLLS OUT MEASURES FOR THE PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING IN THE INSURANCE INDUSTRY.

FIU ROLLS OUT MEASURES FOR THE PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING IN THE INSURANCE INDUSTRY.

FIU ROLLS OUT MEASURES FOR THE PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING IN THE INSURANCE INDUSTRY.

AS PART OF ITS STRATEGIC OBEJECTIVE TO ENFORCE COMPLIANCE WITH ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM, THE SIERRA LEONE FINANCIAL INTELLIGENCE UNIT HAS TODAY OFFICIALLY ROLLED OUT COMPLIANCE STANDARDS ON THE PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING TO INSURANCE OPERATORS IN THE COUNTRY. THE SEMINAR WHICH WAS HELD AT THE CONFERENCE ROOM OF THE MINISTRY OF FINANCE AND ECONOMIC DEVELOPMENT, GEORGE STREET, FREETOWN WAS ALSO FULLY SUPPORTED BY THE SIERRA LEONE INSURANCE COMMISSION, REGULATOR FOR THE INSURANCE BUSINESS.

THIS ONE-DAY SEMINAR MARKED THE GATHERING OF SEVERAL KEY IMPORTANT PLAYERS IN THE INDUSTRY. A NUMBER OF THE INSURANCE OPERATORS FROM DIFFERENT INSURANCE COMPANIES SUCH AS NATIONAL INSURANCE COMPANY, STACO, RITCORP, AUREOL, INTERNATIONAL INSURANCE COMPANY AND A HOST OF OTHERS ATTENDED THE EVENT. REPRESENTATIVES FROM THE US TRESURY WERE ALSO PRESENT TO WITNESS AND CONTRIBUTE THEIR EXPERTISE.

SPEAKING IN HIS WELCOME AND DECLARATION OF PURPOSE, THE HEAD OF OPERATIONS AT THE FINANCIAL INTELLIGENCE UNIT FRANKLIN CAMPBELL STATED THAT THE SEMINAR WAS AS A RESULT OF SERIES OF ENGAGEMENT WITH SLICOM AND CONSULTATION WITH INSURANCE OPERATORS. MR CAMPBELL WENT ON TO SAY THE PURPOSE OF THE EVENT WAS NOT ONLY ABOUT ROLLING THE COMPLIANCE STANDARDS BUT TO HELP INSURANCE OPERATORS UNDERSTAND THEIR OVERALL ROLE IN THE FIGHT AGAINST MONEY LAUNDERING AND TERRORISM FINANCING. HE SAID WITH COMPLIANCE THEY WILL DETER MONEY LAUNDERERS, TERRORIST FINANCIERS, DETECT AND REPORT SUSPICIOUS TRANSACTIONS AND KEEP RECORDS OF THEIR BUSINESS FOR AUDIT TRAIL.

THE DIRECTOR OF THE FINANCIAL INTELLIGENCE UNIT MENTIONED IN HIS STATEMENT THAT SIERRA LEONE HAS BEEN ACTIVELY CONTRIBUTING TO THE FIGHT AGAINST MONEY LAUNDERING AND TERRORISM FINANCING. THEREFORE THEIR PRESENCE IN THE SEMINAR WAS A DEMONSTRATION OF THAT COMMITMENT.

MARKING HIS KEYNOTE ADDRESS, THE COMMISSIONER OF SLICOM THANKED THE DIRECTOR AND UNIT FOR ORGANIZING THE EVENT. HE SAID MONEY LAUNDERING AND TERRORISM FINANCING POSE SIGNIFICANT THREATS TO THE INSURANCE BUSINESS. HE THEREFORE ADMONISHED PARTICIPANTS TO TAKE ADVANTAGE OF THE OCCASION TO PROTECT THE INSURANCE BUSINESS. THE COMMISSIONER OF SLICOM ENDED BY PLEDGING TO WORK WITH THE UNIT TO ACHIEVE THE OBJECTIVES OF THE SEMINAR.

THE FORMAL CEREMONY OF THE SEMINAR ENDED WITH VOTE OF THANKS FROM ONE THE INSURANCE REP. THE SEMINAR WAS LATER FOLLOWED BY PRESENTATION AND DISCUSSION SESSIONS.

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