Plans are in the final phase for insurance brokers and intermediaries to be designated as financial institutions.
The Senate has approved a resolution to designate these entities as financial institutions for the purpose of the Money Laundering Act.
Senator Noel Monteith, who moved the Money Laundering Resolution, said the measure was part of the country's efforts to meet its international obligations in terms of reducing money laundering.
He says it was recommended that anti-money laundering obligations be placed on all financial institutions including insurance brokers and intermediaries which remain outside the anti-money laundering regime.
Senator Monteith says the omission places the insurance sector in a risky position of being used by brokers and intermediaries to facilitate the laundering of the proceeds of crime.
http://www.radiojamaica.com/news/story.php?category=5&story=32851
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