The Government announces a Change in the Regulating Body for Anti-money Laundering and Counter Terrorism Financing

It has been announced by the Government that oversight of the anti-money laundering and counter-terrorism financing is to be relinquished by the Solicitors Regulation Authority (SRA) and HMRC and handed to the Financial Conduct Authority (FCA) as a Single Professional Services Supervisor (SPSS).

The decision has been taken following a Treasury consultation on the reform of anti-money laundering and counter-terrorism financing supervision. Under the new reform the FCA will now supervise accountancy services, company and legal services.

“…Steve Smart, joint executive director of enforcement and market oversight at the FCA, explained: “These changes will simplify the supervision of professional services, ensure more consistent oversight and help us identify and disrupt crime.”

“The FCA will work closely with the government, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), PBS, HMRC, the firms we will be supervising and others, as we work together to equip the UK to better fight financial crime,” he added…”