Terrorist financiers and organised crime groups launder 2%-5% of global GDP every year (equivalent to $800bn-$2tn). This represents a significant threat to the security and integrity of the global economic and financial system, and governments and regulators across the world are working hard to address it.
The MENA region has taken steps to strengthen its anti-money laundering and counter terrorism financing regulations with insurers and takaful operators required to take a risk-based approach to compliance.
Aneta Klosek, Director of Strategic Components of Growth at Accuity, explains more in the following article.
This article was first published in Middle East Insurance Review, November 2020 issue.