JMLSGJoint Money Laundering Steering Group (UK)
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The main risk faced by financial advisers is aiding and abetting those trying to carry out these primary offences, says the JMLSG which spells out the dangers if advice is given recklessly: "Clearly, the risk of being involved in money laundering or terrorist financing will increase when dealing with certain types of customer, such as offshore trusts/companies, politically exposed persons and customers from higher risk or non-FATF countries or jurisdictions," it says.
However, the Bill will also provide additional protection for regulated firms which follow and adequately adapt guidance notes issued by the JMLSG (Joint Money Laundering Steering Group) or any other relevant body which has been approved by HM Treasury.
It has been built in line with the Money Laundering Regulations and JMLSG guidance and provides fraud prevention capabilities.