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.
Clarification was duly incorporated in the final version of the JMLSG guidance document, which gained Treasury approval earlier this year.