On 21 June 2013 the International Association of Insurance Supervisors (IAIS) launched a public consultation on revisions to ICP 22: anti-money laundering and combating the financing of terrorism.
The amendments follow the release of Financial Action Task Force’s (FATF) Recommendations 2012, which were adopted in February 2012. The key changes to the ICP are to reflect a more risk-based approach to anti-money laundering and combating terrorist-financing in line with the FATF revisions.
The consultation period ends on 20 August 2013.
The IAIS has also announced that Turkey, Nebraska and India have become the 35th, 36th and 37th signatories respectively of its international information exchange agreement. The agreement takes the form of a Multilateral Memorandum of Understanding (‘MMoU’) signed by insurance supervisors. The MMoU is viewed as an important regulatory tool as it provides a global framework for cooperation and information exchange between insurance supervisors.
A list of the other signatories to the MMoU can be found here.