Money Laundering in the Insurance Sector

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.

Wednesday, October 15, 2014

The latest measure taken by the Superintendent of Insurance and Reinsurance was hosting the forum 'Measures for the Prevention of Money Laundering and Combating the Financing of Terrorism in the Insurance Sector' in which issues were addressed related to the prevention of money laundering and risk management in the sector.

Katherine Arjona, deputy director of the Insurance and Reinsurance Regulator of Panama, told that "... The Superintendency has been actively involved with local and international organizations in order to create the legal and structural platform to establish actions necessary for the prevention of all types of financial crimes, to enable the country to get off grey lists which currently cloud the image of Panama as an International Financial Centre. "

The Superintendent, Luis Della Togna added that "... There is no doubt that the insurance industry depends on an effective monitoring process based primarily on ananalysis of financial statements, audits and continuous monitoring of suspicious transactions."

More on this topic

Forum on Prevention of Money Laundering

August 2014

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.

Organized by the Superintendency of Insurance and Reinsurance the Forum will bring together enforcement officers from insurance companies registered in the country.

Panama: New Reinsurance Law Being Drafted

April 2013

With the amendment of Law 63 of 1996 it is intended that international reinsurers will invest in the country making it a hub for the whole continent.

According to Luis Della Togna, Superintendent of Insurance and Reinsurance of Panama, a draft has been drawn up which amends the law and thereby strengthens supervision, control and regulation of the sector.

Panama's Potential in Reinsurance

June 2012

The country aims to position itself as an international or reinsurance hub, where companies meet the needs of other companies in Latin America

The Superintendent of Insurance and Reinsurance, Luis Della Togna, said there is already interest from several companies, including Lloyd's of London, who see opportunities for growth in the region.

Tighter Controls in Panama's Insurance Industry

September 2009

Starting today, stricter controls come into effect for preventing money laundering in the insurance industry.

Under the new rules, an observance officer will control compliance with regulations, explained Luis Della Tonga, Insurance and Reinsurance Superintendent.

"Additionally, he announced the development of automated systems and training policies to prevent money laundering", reported

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