The Joint Money Laundering Steering Group (JMLSG) has published proposed amendments to Part 1 of its 2007 Guidance on the prevention of money laundering/combating terrorist financing. The following changes are proposed to the Guidance:
- Amendments to chapter 5 to draw attention to the expiry date of photographs in new style driving licences.
- Amendments to chapter 5 to clarify that in practical terms solicitors’ client accounts that are “designated” (that is, that contain the funds of only one client) qualify for treatment under Regulation 13(4) of the Money Laundering Regulations 2007.
- Amendments to chapter 6 to incorporate the provisions of SI 2007/3398 which amended the reporting and tipping off provisions of the Terrorism Act 2000 and the Proceeds of Crimes Act 2002 to bring the UK law into line with the Third Money Laundering Directive.
- Amendments to chapter 6 that deal with external reporting to reflect that the Home Office will not pursue the original intention to lay down a prescribed form for making reports.
The deadline for comments on the proposed amendments is 26 September 2008.
View JMLSG proposes changes to part 1 of its Guidance, 28 August 2008