UK government paper on Reform of the Anti-Money Laundering and Counter-Terrorism Financing Supervisory System

FATF on protection of NPOs from terrorist financing abuse
US advisory notice on the gold trade

The UK Government has published a consultation paper on ‘Reform of the Anti-Money Laundering and Counter-Terrorism Financing Supervisory System’.

Currently, the UK’s AML/CTF supervisory system is comprised of three statutory supervisors, the FCA, the Gambling Commission, and HMRC, alongside 22 professional body supervisors (PBSs) supervising the legal and accountancy sectors, all ensuring firms and individuals comply with the Money Laundering Regulations.

The consultation paper follows the 2022 Government review of the UK’s AML/CTF regulatory and supervisory regime, which concluded that structural reform is required to address some weaknesses in supervision under the current regime.

Four models of supervision have been proposed:

  • OPBAS+, enhancing the powers of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS);
  • PBS Consolidation;
  • Single Professional Services Supervisor; and
  • Single Anti-Money Laundering Supervisor.

Firms can submit their views regarding the potential benefits and disbenefits of each potential reform model, alongside views on the whether to expand requirements to supervisors and their regulated populations relating to sanctions compliance.

The consultation period will be open until 30th September 2023.,the%20legal%20and%20accountancy%20sectors.

Share with: