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A new body to supervise the current system.
A new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is planned to tackle weaknesses in the supervisory system.
There are 25 anti-money laundering supervisors in the UK, 22 of which are the professional bodies of accountancy and legal services providers. The new watchdog will work with them to help ensure consistently high standards of supervision. It will have powers to censure or recommend the removal of those bodies that do not comply with their requirements set out in the money laundering regulations. Reciprocal safeguards will give the bodies the opportunity to work with OPBAS before any penalty is issued and, if necessary, to appeal against a decision.
The Treasury has published a consultation on the establishment of OPBAS and how it will affect businesses.
Comments should be emailed to aml@hmtreasury.gsi.gov.uk by 16 August.
