The Joint Money Laundering Steering Group (JMLSG) has published the final version of Part III of its money laundering guidance for the UK financial sector. The guidance contains some material that currently sits within Parts I and II of the guidance as well as some additional material. Topics covered by Part III include:
- transparency in electronic payments
- equivalent jurisdictions and markets
- compliance with the UK financial sanctions regime
- directions under Schedule 7 to the Counter-Terrorism Act 2008
- proliferation financing
JMLSG is discussing with HM Treasury the extent to which Ministerial approval might be given to different sections of the Part III text.