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Remove Money Laundering For Term Assurance Life Cover

Comment 5th July 2010

At present all companies and regualted individual who provide life assurance to the public have to prove the identity of clients. This is reasonable when there is an investment content e.g. for an offshore bond but not for death only term assurance cover. Drugs cartels and terrorists will not shelter their ill gotten gains in these contracts as the only provide a benefit on death or disability. Any barrier that prevents more people from adequately protecting theirs families should be removed.

Why does this matter?

This will allow more people to protect themselves and their families and remove a large burdeon which is costing British business many many millions for absolutely no benefit.


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