Radio ExpressTV
Live
The Insurance Control Authority Supports the Insurance Sector to Strengthen Anti-Money Laundering and Counter-Terrorism Financing Systems
The Insurance Control Authority (ACAPS) organized a communication meeting on Tuesday in Rabat with stakeholders in the insurance sector, dedicated to the topic of “Anti-Money Laundering and Counter-Terrorism Financing System in the Insurance Sector: Achievements and Effectiveness Challenges.”
This meeting is part of the authority’s ongoing awareness efforts to promote dialogue with industry professionals regarding the challenges related to the effectiveness of preventive and compliance mechanisms, as stated in a press release from the authority.
The meeting brought together representatives from the Moroccan Insurance Federation (FMA), the National Federation of Insurance Agents and Brokers in Morocco (FNACAM), as well as insurance and reinsurance companies. It also saw active participation from several national institutions, including the National Financial Information Authority, the National Committee responsible for implementing sanctions outlined in Security Council decisions related to terrorism and weapons proliferation, and the Moroccan Office of Industrial and Commercial Property.
This meeting took place within the context of ongoing efforts to strengthen the national system for preventing money laundering and counter-terrorism financing. It reviewed the key developments recorded in recent years, particularly the joint efforts that enabled Morocco to meet its commitments under the enhanced monitoring of the Financial Action Task Force, culminating in the Kingdom’s exit from the gray list in February 2023.
In this context, the Insurance Control Authority continued, along with other relevant authorities and institutions, its contribution to enhancing the fight against financial crime by supporting reforms and strengthening monitoring and oversight mechanisms.
Discussions also addressed the upcoming mutual evaluation of Morocco, scheduled for 2026 by the Financial Action Task Force for the Middle East and North Africa region. This will serve as a test of the sustainability of reforms and the effectiveness of the anti-money laundering and counter-terrorism financing system, particularly in the insurance sector.
Participants highlighted several levers to enhance effectiveness, including regulatory requirements imposed on stakeholders, the evolution of the national legal framework, operational coordination mechanisms among various actors, as well as sharing the findings and recommendations derived from the oversight operations conducted by the authority, supported by the exchange of experiences regarding compliance challenges within the sector.
This meeting aligns with the implementation of the roadmap adopted by the Insurance Control Authority, aimed at solidifying the effectiveness of the anti-money laundering and counter-terrorism financing system within the insurance sector, through supporting stakeholders, enhancing compliance obligations, and strengthening coordination with various institutional partners.
