Insurance groups welcome FATF’s revised recommendations

Keywords Insurance companies,  Money laundering,  Life insurance industryCompanies Financial Action Task Force Insurance industry lobby groups say they support proposed revisions to anti-money laundering and terrorist financing standards that were released earlier this week. In a letter, the members of the International Network of Insurance Associations, including the Canadian Life and Health Insurance Association and the Insurance Bureau of Canada, welcome the Financial Action Task Force’s new, revised recommendations. They say the new recommendations “will create an environment that is hostile to money laundering and terrorist financing, thus making it more difficult and less profitable for criminals around the globe to launder proceeds of crime and finance terrorist activities.” James Langton Related news Manulife’s core earnings surge in Q1 Sun Life Financial buying Pinnacle Care International The associations note that they are particularly pleased with the specific FATF recommendation to apply a risk-based approach to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with the risks identified. “This fundamental and essential approach will provide insurers with the flexibility needed to address new challenges presented by emerging money laundering and terrorist financing activities and trends,” their letter says. “Although insurance is a relatively low-risk industry compared to other sectors of the financial services industry, insurers remain committed to taking effective action in allocating their resources to any identified situations presenting a higher risk,” it adds. Additionally, the letter suggests that maintaining comprehensive global statistics on investigations, prosecutions and convictions of money laundering and terrorist financing, as recommended by the FATF, will “undoubtedly strengthen the effectiveness and efficiency of the regime. Indeed, this valuable information will allow insurers and their intermediaries to better understand the risks they face and to adjust their internal controls accordingly.” Facebook LinkedIn Twitter Share this article and your comments with peers on social media Sun Life earns $937 million in first quarter of 2021 read more

Greenpeace responds to China’s $2.5bn loan for Kusile power station

first_img TAGSChinaChina Development Bank. South AfricaCoal-fired powerEskomGreenpeaceKusilerenewable energyRenewables Previous articleIs South Africa’s transmission network ready for renewables?Next articleEgypt’s Megaproject commences operations Ashley TheronAshley Theron-Ord is based in Cape Town, South Africa at Clarion Events-Africa. She is the Senior Content Producer across media brands including ESI Africa, Smart Energy International, Power Engineering International and Mining Review Africa. BRICS Featured image: Eskom In response to the news of a $2.5 billion loan from the China Development Bank, which will be used towards Eskom’s Kusile power station, Greenpeace Africa has expressed their disappointment.Senior climate and energy campaign manager at Greenpeace Africa, Melita Steele, has said: “With China’s emerging and ever-strengthening leadership on climate change and her competitive advantage on renewable energy, Greenpeace Africa is disappointed that China is choosing to support dirty coal in a country like South Africa.”The agreement, which was signed this week in Pretoria, will form part of the funding of Eskom’s new build programme that includes Kusile. Read more: Eskom signs $2.5bn loan agreement with China Development BankAccording to Steele: “Kusile will be a mammoth coal-fired power station if it is completed, and will use up massive amounts of scarce water resources.“Investment in coal will continue to create pollution that will damage people’s health and drive us closer to unstoppable climate change.”The campaign manager stressed that the last two units of Kusile should not be completed and the money should be redirected to renewable energy instead.“In the face of catastrophic climate change, the South African government should be looking for money for renewable energy, not dead-end coal,” Steele concluded.WATCH: Greenpeace Africa says it is disappointed that the $2.5-billion #Eskom has loaned from China’s Development Bank will be used for a coal fired power station and not renewable energy. Senior Political Adviser Happy Khambule joins us on #NewsNight. Courtesy #DStv403— eNCA (@eNCA) July 25, 2018 Finance and Policy RELATED ARTICLESMORE FROM AUTHOR Generation AFD and Eskom commit to a competitive electricity sector Low carbon, solar future could increase jobs in the future – SAPVIA UNDP China, CCIEE launch report to facilitate low-carbon developmentlast_img read more