French banks and insurance watchdog, the CCA (Commission de Controle des Assurances) has criticised the country's insurance sector for failing to do enough in the fight against international money laundering and terrorist funding, according to a report in Le Monde on Tuesday.
French insurers have in the past been quite relaxed about the possibilities of terrorist or criminal funds being laundered through the sector, but the Finance Ministry's anti-money laundering unit, Tracfin, recently stated that the profession is as vulnerable as banks or other financial institutions.
According to CCA recommendations, insurers in France must be particularly vigilant if the transaction involves the transfer of more than FFr 1 million and is unecessarily complex with no economic justification.
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