<P> On May 1, 2018, the UK House of Commons, without opposition, passed the Sanctions and Anti-Money Laundering Bill, which will set out the UK government's intended approach to exceptions and licenses when the nation becomes responsible for implementing its own sanctions and will also require notorious overseas British territory tax havens such as the Cayman Islands and the British Virgin Islands to establish public registers of the beneficial ownership of firms in their jurisdictions by the end of 2020 . The legislation was passed by the House of Lords on May 21 and received Royal Asset on May 23 . However, the Act's public register provision is facing legal challenges from local governments in the Cayman Islands and British Virgin Islands, who argue that it violates their Constitutional sovereignty . </P> <P> All UK Bureaux de change are registered with Her Majesty's Revenue and Customs, which issues a trading licence for each location . Bureaux de change and money transmitters, such as Western Union outlets, in the UK fall within the "regulated sector" and are required to comply with the Money Laundering Regulations 2007 . Checks can be carried out by HMRC on all Money Service Businesses . </P> <P> In South Africa, the Financial Intelligence Centre Act (2001) and subsequent amendments have added responsibilities to the FSB to combat money laundering . </P> <P> The approach in the United States to stopping money laundering is usually broken into two areas: preventive (regulatory) measures and criminal measures . </P>

Where did the name money laundering come from