Content Options

View Options

Status: You are viewing the version of the handbook as on 2005-06-30.

CRED 12.5 Government and Financial Action Task Force findings

CRED 12.5.1G

ML 5.1.2 R requires relevant firms to take reasonable steps to ensure that they obtain and make proper use of any government or Financial Action Task Force findings. 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.1

CRED 12.5.2G

It is acknowledged that many credit unions do not have direct access to the Internet. Where this is the case, they will need to make arrangements for a volunteer to access the website on a regular basis, as a minimum every six months. Many credit unions will have members who are foreign nationals or have overseas links. For those credit unions it is important that they keep abreast of the Financial Action Task Force findings of inadequacy concerning the approach to money laundering of individual countries or jurisdictions so that these can be taken into account in their decisions and arrangements.