Money laundering guidance approved

News Article - 24 May 2012
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The Treasury has approved guidance by the Joint Money Laundering Steering Group (JMLSG) on how the financial services industry should tackle fraud.

JMLSG is made up of a number of organisations within the industry including the British Bankers' Association, the Council of Mortgage Lenders, the Association of Independent Financial Advisers and the British Venture Capital Association.

Martin Hall, chairman of JMLSG, said that there had been a concern that the update would not be ready in time for the Money Laundering Regulations 2007 legislation which came into force last weekend.

"Once firms are compliant with the new guidance, the new provisions will enhance the anti-money laundering regime in the UK," he added.

In a letter to the JMSLG, the chancellor expressed his thanks and appreciation to the group for their continuing contribution to tackling money laundering.

PricewaterhouseCoopers reported that the average cost of managing the rising crime costs a business £0.75 million every two years.

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