Treasury Supports Financial Services' Anti-Fraud Guide

Fri, 21 Dec 2007

The Treasury has approved of guidelines by the financial services industry to tackle money laundering amongst UK businesses .

The updated guide has been published by the Joint Money Laundering Steering Group (JMLSG) which includes such organisations as the British Bankers' Association, the British Venture Capital Association and the Association of Financial Advisers .

The group’s chairman Martin Hall explained they had been working to a "tight schedule" in order to prepare the guidance in time for the introduction of the ‘Money Laundering Regulations 2007’ guide last weekend.

In a letter to Mr Hall the chancellor said: "The working relationship between the JMLSG and the Treasury is an excellent example of the continued close working of government and the financial services industry."

According to previous estimates from accounting firm PricewaterhouseCoopers, money laundering costs the average UK business £0.75 million every two years.

Mr Hall added that developments in anti-money laundering schemes will be introduced following business compliance with the new guidance.
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