Following publication of its proposed Part I and Part II guidance on the prevention of money laundering/combating terrorist financing in December 2009, the Joint Money Laundering Steering Group (JMSLG) has published "Part III: Specialist Guidance".
The guidance sets out how firms might meet certain obligations contained in legislation and regulations and how they should approach determining the "equivalence" of particular overseas jurisdictions or markets. The guidance contains material on wire transfers (which has been moved from Part II) and directions on the Counter-Terrorism Act 2008, Schedule 7 (moved from Part I). It also contains new material on compliance with the UK financial sanctions regime, and on proliferation financing. With the exception of section 5 (directions under the Counter-Terrorism Act 2008, Schedule 7), this guidance will not carry the same Ministerial approval as Part I and II of the guidance. Comments are invited by 9 July 2010.