2011-10-10

By staff reporter

The CEA has stressed that the EU's anti-money laundering standards should remain appropriate and proportionate to the risks involved.

The CEA made its comments in response to the European Commission’s consultation on the review of the third Anti-Money Laundering Directive. It called for control measures to be balanced against the number of detected instances of money laundering.

Due to the nature of insurance business, the risk of any money laundering through life insurance is different to that in other sectors and this should be recognised.

The CEA expressed support for the Directive’s definition of a financial institution as only including life insurance business, since only insurance products with cash accumulation could present a risk of money laundering.

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