Insurers challenge Bahamas' government over anti-money laundering rules

Emmanuel Komolafe, chairman of the Bahamas Insurance Association, said that the government's proposal to define property/casualty insurers as financial institutions under the Financial Transactions Reporting Bill could increase the industry's costs and impact premium prices, Tribune242 reported. The Bahamas' government is looking to define insurers as financial institutions as part of its efforts to combat money laundering. Mr. Komolafe said that the France-based anti-money laundering agency Financial Action Task Force did not call for property/casualty or captive insurers to be treated as financial institutions.

Read more.