RUSI’s Centre for Financial Crime and Security Studies (CFCS) published a policy brief addressing challenges of anti-money laundering (AML) supervision of the legal and accountancy sectors.
While acknowledging the relative advance status of the UK AML regime, the report highlights shortcoming in AML implementation among the professions. The four key challenges identified are:
- The scope and application of the Money Laundering Regulations (MLRs) to the legal and accountancy sectors.
- The types of firms that are subject to AML supervision by the PBSs and, in the case of some accountancy providers, by HMRC
- The relationship between AML supervisors (including OPBAS), law enforcement and supervised firms.
- Incentives for compliance within the legal and accountancy sectors
Relevant firms can read the policy brief and take note of the structural challenges highlighted.