HMT publishes its response to the AML/CTF Supervision Reform, confirming the FCA as the sole AML supervisor for legal and accountancy firms, reinforcing oversight, supervision and enforcement

The consultation response finalises policy positions for transferring AML/CTF supervision of legal, accountancy, and trust and company service providers to the FCA, covering registration and gatekeeping, supervisory powers, guidance, information-sharing, enforcement, funding, transition arrangements and accountability. It also outlines next steps for implementation, including legislative changes and further engagement with supervisors and stakeholders to support the transition…