Industry invites comments on changes to anti-money laundering guidance

The Joint Money Laundering Steering Group (JMLSG) is inviting comments on proposed amendments to its risk-based guidance which has been updated to reflect new Money Laundering Regulations.

The amendments, when confirmed after consultation and approved by a Treasury Minister, will bring the JMLSG Guidance into line with the Money Laundering Regulations 2007, which will implement the provisions of the EU Third Money Laundering Directive.

Comments are invited by 7 September 2007 on whether the proposed amendments reflect the changes required under the provisions of HM Treasury's proposed Money Laundering Regulations 2007, published in January 2007. The Guidance is available free on this JMLSG website, in pdf format. The main changes to the Guidance are summarised in section 2 of the Consultation Paper, which is also on the JMLSG website.

The JMLSG is chaired by the Finance & Leasing Association's (FLA) Director General, Martin Hall, who said:"The Treasury's proposed new Regulations, to implement the EU Third Money Laundering directive, require changes to the JMLSG Guidance to enable it to continue to support the UK AML regime. The proposed changes published today will enable the UK financial sector to continue to have up-to-date guidance on their revised obligations. The JMLSG is a good example of industry self-regulation."

Notes to Editors:

  1. The Joint Money Laundering Steering Group ("JMLSG") comprises the leading UK trade associations in the financial services industry. Its aim is to promulgate good practice in countering money laundering and terrorism financing and to give practical assistance in interpreting the UK Money Laundering Regulations 2003 and money laundering aspects of the Proceeds of Crime Act 2002. This is primarily achieved by the publication of industry guidance.
  2. JMLSG comprises:
    • Association of British Insurers (ABI)
    • Association of British Credit Unions (ABCUL)
    • Association of Foreign Banks (AFB)
    • Association of Friendly Societies (AFS)
    • Association of Independent Financial Advisers (AIFA)
    • Association of Private Client Investment Managers and Stockbrokers (APCIMS)
    • British Bankers' Association (BBA)
    • British Venture Capital Association (BVCA)
    • Building Societies Association (BSA)
    • Council of Mortgage Lenders (CML)
    • Electronic Money Association (EMA)
    • Finance & Leasing Association (FLA)
    • Futures and Options Association (FOA)
    • Investment Management Association (IMA)
    • London Investment Banking Association (LIBA)
    • PEP & ISA Managers' Association (PIMA)
    • Wholesale Market Brokers' Association (WMBA)
  3. JMLSG has published guidance on preventing money laundering since the early 1990s. The basic Guidance Notes have gone through a number of revisions and updates since then.

Related Links CP_Guidance_finaltext (PDF) Part_I_final_cons_text (PDF) Part_II_final_cons_text (PDF)

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