Aug 10 2009 Martin Coyle
The Joint Money Laundering Steering Group has made a number of minor revisions to its guidance following consultation with the industry. The changes to its part one guidance were made as part of a "tidy up" exercise to make the document more user friendly. The body is still looking at making changes to its part two text.
The part one modifications dealt with various omissions in the text, provisions of guidance that were difficult to implement or effect and provisions of the guidance that no longer reflected current practice. The JMLSG said that its members were generally happy with the guidance and suggested only minor amendments.
The JMLSG said that it is still looking at possible modifications to its part two guidance, which may be separated into two parts. The body said that it would publish the revised text in due course and is seeking industry comment by October 9. In April David Swanney, JMLSG secretary, said that the changes to part two would possibly include the addition of material on proliferation as well as changes to the scope of sectoral guidance. No one from the JMLSG was available for comment by press time.
