Insurance Amendment Bill passes in Parliament
The Insurance Amendment Bill was one of three Bills passed during this week’s sitting of Parliament.
The Bill, which was presented by Minister of Finance and Economic Planning Hon. Camillo Gonsalves, was introduced to ensure that Insurance Companies operating locally meet the requirements of the Financial Action Task Force, FATF.
Minister Gonsalves explained that the objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures, to combat money laundering, terrorist financing and other related threats to the international financial system.
Minister Gonsalves pointed out that the amendment is simply intended to reflect what is already in practice.