Chuks Udo Okonta
The National Insurance Commission (NAICOM) today Tuesday, flagged-off sensitisation on money laundering to prepare insurance operators for September visit of the Financial Action Taskforce.
Assistant Director Inspectorate NAICOM, Sam Onyeka, told Inspen that the sensitisation team were are in the companies to help them prepare and ensure that their operations align with the required standard, adding that those who are not compliant, would be assisted in their area of deficiency.
He said: “The exercise is a special arrangement it is not an inspection, it is not designed to punish people by sanction, but to sensitise operators to be prepared for Financial Action Taskforce onsite visitation in September. The Financial Action Taskforce will be visiting Nigeria by September to check the level of compliance on Money Laundering Prohibition (MLP) issues.
“We are in the companies to help them to prepare and ensure that everything is in the way it should be. Those who are not compliant, we would find out areas of their weaknesses and help them to put things in order. So that when the Financial Action Taskforce comes, they would see that they are doing what they should do.”
He noted that all the companies would be sensitised for the commission do not know who the taskforce would decide to interview when they come.
He said NAICOM would engage the operators for next two weeks starting from today. He stressed that effort would be made to ensure that all the operators are on the same page in terms of compliance.
Executive Director, Business Development, Mutual Benefits Assurance plc, Gbenga Ogunko, commended NAICOM for its determination to uplift the standard of the industry. He said the effort by NAICOM to forestall money laundering in the industry is a step in good direction.