Gard alerts on the risk of briber, corruption, money laundering and financing of terrorism, highlighting the importance of using efficient systems to detect, prevent and deter crime, mostly focusing on financial crime.
Specifically, marine insurers should have effective systems to detect any potential attack or act of terrorism and be prepared. Insurance companies that are subject to a number of international businesses follow anticorrption rules, such as the Foreign Corruption Practices Act in the US and the UK Bribery Act with their international reach.
The rules stated above are the most extensive part of anti-bribery legislation in the world and are designed to promote a zero-tolerance approach in relation to bribery and corruption.
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In addition, marine insurers have specific reporting obligations linked to money laundering, meaning that even under the suspicions that crimes have taken place may have to be reported to the relevant authorities.
Similarly, marine insurers may have to report this kind of incident or suspicions of theirs and the person or persons who they believe are or may be recipients of any bribe or corrupt payment and rules to prevent money laundering require detailed Know Your Customer checks to ensure regulatory compliance.
We encourage Members to review their compliance programmes regarding the prevention of bribery, corruption, money laundering and financing of terrorism, to ensure they meet relevant regulatory requirements designed to prevent various financial crimes and events of non-compliance
… Gard concludes.
See also: IUMI: Marine insurance market future remains uncertain
