The JMLSG has embarked on a comprehensive workplan for 2019 which includes matters ranging from those arising from the expected implementation of the Fifth Money Laundering Directive by January 2020, to reviews of sectoral guidance for sectors such as credit unions and brokerage services to funds. New areas of guidance will cover areas such as virtual currency exchanges, digital identities, and payment initiation services. The revised guidance relating to anonymous safe-deposit boxes, to reflect the changes to the Money Laundering Regulations with effect from 10 January 2019, has been published.
Further relevant updates on the work that the JMLSG is doing will also be published at intervals on the website. Any changes to UK legislation due to Brexit will be reflected in the Guidance accordingly.
An updated and improved website is also planned for implementation this year. Although the revised versions of two of the sectors in Part II of JMLSG’s Guidance (12: Asset finance and 17: Syndicated lending) were published on 17 May 2018, HMT approval is still awaited.