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.