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ARTICLE · 03 AUGUST 2005

Assurance, What’s in Life for Money Launderers

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If you were asked to list in order of priority the methods of money laundering most known to you or those you have actually come across, would you include life insurance products? And, if you did, would they be high on your list?

MaltaFinance and Banking
Mark Camilleri CAMS,FCII, DMU(AMS)
Mark Camilleri CAMS,FCII, DMU(AMS)

Contents

  • Introduction
    • Section 1: The 3 steps to heaven - Placement, Layering and Integration
    • Section 2: Case studies:
    • Case 1: Purchasing of Single Premium (Investment) Policies
    • Case 2: Bank Accounts, Single Premiums and September the 11th
    • Case 3: A case of the Blind leading the Blind?
    • Case 4: Money Launderers will not always use large investment type life insurance products
    • Section 3: How can a Life Assurance Company protect itself?
    • Conclusion

    Introduction

    If you were asked to list in order of priority the methods of money laundering most known to you or those you have actually come across, would you include life insurance products? And, if you did, would they be high on your list?

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