Insurance Europe has published its position on the European Commission’s legislative package on anti-money laundering (AML). The EC presented its package to the ECON and LIBE committees of the European Parliament at a hearing yesterday.
While confirming its support for the Commission’s efforts to strengthen the existing AML framework, Insurance Europe emphasised the importance of having a risk-based approach to ensure that the framework works in practice and reflects the very low risk of money laundering/terrorism financing (ML/TF) in the life insurance sector as a whole and the close to non-existent risk for "pure risk" life insurance products.
Insurance Europe also emphasised that non-life insurance should remain outside the scope of the EU legislation and called for more detail to be added to the Regulation, rather than leave so many key issues to be decided at level 2 or even 3.