JMLSG issues consultation paper after review

The Joint Money Laundering Steering Group (JMLSG) has issued a consultation paper as a result of its review of anti-money laundering (AML) legislation under the anti-money laundering legislations and the Money Laundering Regulations 2007.

The review represents the second stage of the JMLSGs guidance, focusing on areas of omission, difficult to implement provision of the guidance, and looking at changing standards to reflect up-to-date practices.

The paper, entitled Prevention of money laundering/combating terrorist financing, reviews AML with a sectoral approach.

The sectors of the financial services industry most affected by the review are life insurance and pensions industry related investment products, general insurance, tailored and advisory investment management, trade finance, wholesale markets, and prime brokerage and other investment fund related services.

The JMLSG comprises 18 UK financial services industry bodies, including the British Bankers Association, London Investment Banking Association, the Association of Foreign Banks and the Association of British Insurers.

Information about its work and the operation of the Money Laundering Regulations 2007 can be found on its website.

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