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.

Editor's Comment
Oh what a State funeral!

That rare sight deserves heartfelt praise, not only for President Duma Boko and his administration, but also for the Botswana Democratic Party (BDP), the Umbrella for Democratic Change (UDC), the Mogae family, and the entire country.President Boko’s decision to grant a full state funeral to a man who belonged to a rival party was a mark of true statesmanship. He recognised that national leadership carries a weight that belongs to the whole...

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