Log In

Reset Password

Abir CEO John Huff to chair key AML/CTF group

John Huff, the chief executive of Abir, will chair the Global Federation of Insurance Associations’ Anti-Money Laundering and Counter Terrorism Financing Working Group (File photograph)

John M. Huff, the chief executive of the Association of Bermuda Insurers and Reinsurers, has been elected to chair the Global Federation of Insurance Associations’ Anti-Money Laundering and Counter Terrorism Financing Working Group.

The GFIA’s 40 member associations represent insurers that account for nearly 90 per cent of global insurance premiums.

The appointment, which came at the GFIA’s recent annual meeting in Santiago, Chile, expands Bermuda’s leadership in the AML/CTF field, Abir said.

Also in key roles are Chris Brown, the Bermuda Monetary Authority’s director, AML and Conduct, who chairs the Financial Crime Task Force of the International Association of Insurance Supervisors, the standard-setting body for insurance regulation; and Cheryl-Ann Lister, the Government’s acting financial secretary, who is winding up her term as chairwoman of the Caribbean Financial Action Task Force, the regional arm of FATF, the global AML/CTF watchdog.

Bermuda’s AML/CTF regime meets the highest international standards, according to a mutual evaluation report published in 2020 by the Caribbean task force, which found the island to be either largely or fully compliant with 39 out of 40 FATF recommendations.

Mr Huff said: “I am pleased to be able to contribute, on behalf of the Bermuda re/insurance market, to the GFIA’s important work in strengthening our industry’s safeguards against financial crime.

“Bermuda’s insurers and reinsurers lead the world in providing protection against catastrophe and climate perils, as well as complex, emerging risks.

“As a market leader, Bermuda has a responsibility to provide international leadership in addressing global challenges — a responsibility we embrace.”

The GFIA working group engages with policymakers to ensure that international AML/CTF standards — particularly those of FATF and the IAIS — appropriately identify any risk exposures in the insurance industry, are proportionate to those risks and are workable for insurers.

The group also participates in the development of policies and standards to identify, prevent and combat other financial crimes, such as those related to political corruption, fraud and violations of government-imposed economic sanctions.

The working group also engages with the IAIS to better understand regulators’ priorities and explore opportunities for future co-operation.

Abir said it is an active participant on a number of GFIA working groups, including those focused on climate risks, cyber-risks, taxation and trade.

You must be Registered or to post comment or to vote.

Published November 18, 2022 at 7:50 am (Updated November 18, 2022 at 7:50 am)

Abir CEO John Huff to chair key AML/CTF group

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon