Tighter Controls in Panama's Insurance Industry
Starting today, stricter controls come into effect for preventing money laundering in the insurance industry.
Tuesday, September 22, 2009
Under the new rules, an observance officer will control compliance with regulations, explained Luis Della Tonga, Insurance and Reinsurance Superintendent.
The new regulations approved includes measures to prevent money laundering and the obligation to submit a monthly report to the Financial Analysis Unit.
In Panama the insurance market is strengthening preventive measures in order to get the country removed from the "gray list" of the International Financial Action Group.
Experts on the prevention of money laundering will be meeting in Panama City on October 19th, 2014 to discuss the impact of this practice in the insurance sector.
The Banking Superintendence of Guatemala will devise controls for prepaid cards, in order to prevent their involvement in money laundering.
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