The Money Laundering Regulations 2007 (the “2007 Regulations”) came into force on 15 December 2007 and have repealed and replaced the Money Laundering Regulations 2003. The 2007 Regulations implement the Third European Money Laundering Directive.
The 2007 Regulations have put onto a statutory footing some of the detailed guidance previously set out in the financial sector guidance notes prepared by the Joint Money Laundering Steering Group (the “JMLSG Guidance”). The JMLSG Guidance itself has been updated to reflect changes brought about by the 2007 Regulations; the current edition of the JMLSG Guidance is therefore now the November 2007 edition.
