The Financial Conduct Authority (FCA) has set out the provisional timetable for the anti-money laundering (AML) supervision reform, which will see the removal of powers from professional body supervisors (PBSs).

Under the reforms, the FCA will take over AML and counter terrorist financing  (CTF) supervision of all accountancy and law firms, and trust and company service providers over a two-year period starting from the end of 2028 onwards.

But there will be a lengthy transition period with the new framework for oversight not likely to be in place before 2028, then a two-year window through to 2030 for complete transition.