HMT’s consultation on AML/CTF Supervision Reform proposes shifting oversight to the FCA to create a stronger, unified regime for tougher, more consistent action against FC

The consultation sets out four potential models for reforming the UK’s anti-money laundering and counter-terrorist financing supervisory regime — including expanded powers for the Office for Professional Body AML Supervision (OPBAS), consolidation of professional-body supervisors, a single professional-services supervisor, or a single public AML supervisor. It also seeks stakeholder input on strengthening…