Joint Money Laundering Steering Group
AML/CTF - JMLSG publishes revised trade finance sectoral guidance - 24 September 2021
The Joint Money Laundering Steering Group (JMLSG) has published a revised version of Sector 15 (trade finance) in Part II of its anti-money laundering and counter-terrorist financing guidance for the financial services sector. The JMLSG consulted on the amendments in April 2021 and the revised text has been submitted to HM Treasury for approval.
The new Sector 15 (Trade Finance) in Part II
Press release
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AML/CTF - JMLSG consults on revisions to its Guidance on monitoring customer activity - 24 September 2021
The JMLSG has published for consultation proposed revisions to Chapter 5.7 (Monitoring customer activity) in Part I of its anti-money laundering and counter-terrorist financing guidance for the financial services sector.
The JMLSG invites comments on the proposed revisions. The deadline for responses is 30 October 2021.
Consultation – Part I, Chapter 5.7
Press release
UK Finance
Anti-bribery and corruption compliance - UK Finance publishes report on the definition of public officials - 30 September 2021
UK Finance has published a report on the definition of ‘public officials’ for the purpose of anti-bribery and corruption compliance. UK Finance states that it is widely recognised that bribery of public officials is particularly damaging, with consequences including the distortion of fair competition, diversion of funds away from vital public services, corrosion of the rule of law and the undermining of national security. It observes, however, that the definition of ‘public official’ is currently ambiguous, owing to high-level international legal definitions of public official intersecting with national legislation and guidance.
UK Finance asserts that this ambiguity adds costs and delay to corporate anti-bribery and corruption efforts, and the intention of its report is to help firms define public officials by building on the UK Bribery Act 2010 definition to provide a practical risk-based approach.
Report: Anti-bribery and corruption compliance: Definition of public officials
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