ABSTRACT
The United Kingdom (UK) played a significant part in the setting up of Financial Action Task Force and in 1986 introduced its first anti-money laundering legislation. The major and the most significant change and enhancement was the Proceeds of Crime Act 2002. This is one of the most wide-ranging pieces of legislation seen in modern times. The piece of legislation was made by way of a statutory instrument and was the Money Laundering Regulations 2003. From as early as 1990 the Financial Services Industry has followed the guidance notes produced by the Joint Money Laundering Steering Group (JMLSG). The practical interpretations of the Law Regulations and of the Financial Services Authority Requirements are a source of good industry practice and provide management with advice and assistance. Although the JMLSG guidance notes are intended for the UK financial sector they have been used by the trade bodies of other industries either directly or to form the basis of their guidance notes.
