Banks welcome better guidance on money laundering

Banks battling the increasing menace of money laundering this week welcomed new guidance on tackling such criminal activity.

HM Treasury this week gave the Government stamp of approval to new guidance prepared by the financial services industry, which has been updated to reflect changes introduced by the Money Laundering Regulations 2007, which came into force at the weekend. The guidance was written by Joint Money Laundering Steering Group (JMLSG).

Martin Hall, JMLSG Chairman, said: “This update has been undertaken against a tight timetable: the JMLSG Board was concerned that being ready in time would be a challenge for firms of different types. Once firms are compliant with the new Guidance, the new provisions will enhance the anti-money laundering regime in the UK.”