U.K. officials took financial crime watchers by surprise Tuesday in announcing that the Financial Conduct Authority will take over direct supervision of law firms, accounting practices and corporate services providers for anti-money laundering purposes. After reviewing various, competing plans for strengthening supervision, HM Treasury has opted to transfer AML oversight of accountants and attorneys in Britain from 22 professional body supervisors, or PBS, to the FCA, which will also take responsibility for monitoring company formation agents for the same purpose away from HM Revenue & Customs. The overhaul, first reported by ACAMS moneylaundering.com, will concentrate AML oversight in Britain under...
U.K. officials solicited banks and other interested parties Friday to weigh in on proposals to consolidate all anti-money laundering oversight in Britain under a single agency.
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