JMLSG guidance approved

LONDON – Gordon Brown, chancellor of the exchequer, announced the Treasury's approval in mid-February in London, of the Joint Money Laundering Steering Group (JMLSG) guidance for the financial services industry.

According to David Coates, British Bankers Authority (BBA) JMLSG executive, the revised guidance will change the way money laundering and terrorist financing risk is managed

"It is a move to a more risk-based approach, with more of an emphasis on people using their judgement when assessing risk," he said.

"The guidance is largely a reaction to the previous emphasis being on a large number of reports being compiled but without being able to prove much effectively," he added. "The industry guidance

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