This consultation sets out four potential models for reform of the UK’s anti-money laundering (AML) and counter-terrorism financing supervisory system in line with the Economic Crime Plan 2023-26, including the creation of a single supervisory body to oversee accountancy and law firms as well as any entity which falls under the regulations, replacing the likes of ICAEW, which currently oversees the profession.

‘In the most recent peer assessment of the UK by the Financial Action Task Force (FATF), the FATF identified inconsistencies and weaknesses in the UK’s supervisory system - in particular in the professional services sector - that represent a significant vulnerability,’ said Treasury Lords minister, Baroness Penn.

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