Money laundering in the insurance industry

The insurance industry has not been as exposed as  other industries have to money laundering which is commonly found in  non-banking financial institutions, but the risks are increasing in the industry.

Speaking at the Insurance Conference last week, the director of the Financial Intelligence Agency in the Ministry of Finance and Development Planning, Jackson Madzima advised stakeholders to establish Anti Money Laundering (AML) regimes because they would help curb crime in the industry:  "Institutions that handle value should install strong AML regimes and more effective AML sensitization and training critical to such institutions," he said.