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Member, Beacon International Group, Ltd.
Emmanuel Komolafe, chairman of the Bahamas Insurance Association, said that the country's decision to include general and captive insurers within its anti-money laundering regime would undermine efforts to revive the insurance industry, Tribune242 reported. Mr. Komolafe urged the government to provide the "benchmarking" studies and data to support its decision to define general and captive insurers as financial institutions under the country's Financial Transactions Reporting Act.