Money laundering and terrorist financing

On 8 August 2008, the Joint Money Laundering Steering Group (JMSG) issued guidance on the meaning and importance of "equivalent jurisdictions". The guidance sets out jurisdictions where there may be a presumption of equivalence and highlights those where such a presumption may not be appropriate without further investigation. It will be useful for firms who wish to take advantage of simplified due diligence measures and reliance on other firms to carry out customer due diligence.

For more information on JMSG's guidance, read Wragge & Co's summary.