The Treasury has unveiled plans to create a new watchdog that will tackle potential weaknesses in the anti-money laundering supervisory system. The new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will seek to improve the overall standards of supervision and ensure supervisors and law enforcement work together more effectively.
The news that HM Government is to create such an office is not surprising. Sectors at risk of being used to facilitate money laundering and terrorist financing are supervised by 25 organisations, 22 of which are accountancy and legal services providers’ professional bodies and set down in schedule 3 of the Money laundering Regulations 2007. The complex and unified landscape was therefore ripe for reform and simplification. For more information see Legal update, HM Government to create Office for Professional Body Anti-Money Laundering Supervision.