Part

ML Money Laundering

Chapter

Using national and international findings on material deficiencies

Printed on: 11/11/2024

Rulebook at: 30/08/2006

ML 5


Using
national and international findings on material deficiencies

ML 5.1

Government and Financial Action Task Force findings

  • 01/12/2004

ML 5.1.1

handbook-guidance
The purpose of this chapter is to enable government and Financial Action Task Force findings of inadequacy, concerning the approach to money laundering of individual countries or jurisdictions, to be brought to bear on relevant firms' decisions and arrangements.
  • 01/12/2001

ML 5.1.2

handbook-rule
(1) A relevant firm must take reasonable steps whenever this rule applies to ensure that it:
(a) obtains; and
(b) makes proper use of;
any government or Financial Action Task Force findings of the kind referred to in ML 5.1.3 R.
(2) "Proper use" in (1) includes:
(a) applying the information in the circumstances envisaged by ML 3.2.2 R (3)(b) (introduction of client for one-off transaction) or ML 3.2.5 (2) (introduction by client of a person on whose behalf he is acting);
(b) applying the information whenever first obtained to know your business information;
(c) Disseminating the information in the course of dealing with awareness and training under ML 6.
  • 01/12/2001

ML 5.1.3

handbook-rule
The findings in ML 5.1.2 R (1) are any published notices:
(1) which are issued:
(a) by the government of the United Kingdom, or any government department in the United Kingdom; or
(b) by the Financial Action Task Force; and
(2) which contain a finding or other conclusion on the part of the government or a government department or the Financial Action Task Force:
(a) that it has examined the arrangements for restraining money laundering in a particular State or jurisdiction other than the United Kingdom; and
(b) that it has found those arrangements to be materially deficient in comparison with one or more of the relevant, internationally accepted, standards, including any recommendations published by the Financial Action Task Force, required of or recommended to States and jurisdictions.
  • 01/12/2001

ML 5.1.4

handbook-guidance
In order to assist relevant firms, the Joint Money Laundering Steering Group (JMLSG) publishes government, government department, or Financial Action Task Force findings of the kind referred to in ML 5.1.3 R. This information can be found on the JMLSG's website (www.jmlsg.org.uk) or accessed indirectly via the FSA's website (www.fsa.gov.uk) or, in the case of Financial Action Task Force findings only, via the Financial Action Task Force's website (www.fatf-gafi.org). All relevant firms should check this information regularly to ensure that they keep up to date with current findings.
  • 01/03/2004