What is the JMLSG Guidance?
JMLSG has been producing Money Laundering Guidance for the financial sector since 1990, initially in conjunction with the Bank of England, and latterly to provide regularly updated guidance on the various Money Laundering Regulations in force those laid in 1993, 2001 and 2003.
JMLSG has periodically reviewed its Guidance, and has made changes and additions as required. An important revision took place in 1993 to reflect the implementation of the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2003.
A major revision of JMLSG's Guidance was published in January 2006, based on a number of fundamental principles including that of senior management accountability and the adoption of a risk-based approach. The latter allows firms to focus their AML/CTF resources on areas where the risk of money laundering/terrorist financing is higher, and therefore embodies proportionate and cost-effective approaches to managing these risks.
JMLSG is currently in process of amending its Guidance to reflect the provisions of draft Money Laundering Regulations 2007, which implement the EU Third Money Laundering directive in the UK.