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FIA warns insurance industry on money laundering

Insurance players have been urged to develop policies that are capable of detecting, deterring and reporting possible incidences of money laundering and other financial crimes.

Koongalele Chube, the senior assistant director for compliance in the Financial Intelligence Agency (FIA) said the insurance sector is a critical player in the fight against money laundering and other economically motivated crimes.

Giving a presentation at the recent Insurance Institute of Botswana (IIB) annual conference in Gaborone, she said the industry is potentially at risk of being used for money laundering purposes.

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Editor's Comment
Celebrate responsibly, put safety first this holiday

“Safety first is safety always”– Charles M HayesAs most people begin travelling across the country to spend the President’s Holidays with family and friends, there is every reason to embrace the joy and togetherness that this period brings.While holiday periods bring joy, they are sadly often accompanied by a rise in road accidents, violent incidents and other avoidable tragedies. Too often, families that set out to celebrate together end...

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