14 Dec 2017
By Neil Hartnell, Tribune 242
Fears were raised again yesterday that the Bahamas could be “shooting ourselves in the foot” by including general and captive insurers within its anti-money laundering regime.
Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, urged the Government to provide the “benchmarking” studies and data to support its decision to define both market segments as financial
institutions under the Financial Transactions Reporting Act (FTRA).
Expressing concern that such a move would undermine the Bahamas’ efforts to revive a captive/external insurance industry, Mr Komolafe said this nation was “going beyond” what was necessary to comply with global standards.
The BIA chair said none of the Bahamas’ international financial centre (IFC) rivals defined external insurers as ‘financial institutions’ under their anti-money laundering regimes, suggesting this nation would be unable to compete on a ‘level playing field’.
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