Money laundering and terrorist financing with particular reference to the insurance sector

Abstract

Malta has long strived to develop and improve its financial sector to compete on an international and European level with other leading financial centres. The offences of money laundering and terrorist financing have long plagued both the credit and financial area. The insurance side to it has become more vulnerable in recent years since criminal have discovered a new path through which they can launder their 'dirty' money. Moreover, as time goes by they are fast becoming more creative in that they are choosing newer routes and channels. This thesis is a study of the stance the insurance sector has built on both an International and European level. It delves in to Directive 2005/60/EC and how Malta has had to implement the procedures and obligations laid down by it as our minimum requirements. It also looks into the minimum requirements applied by other European and foreign countries in a bid to seek an enhanced approach to safeguarding the interests of the insurance sector.