UK establishes money laundering watchdog
/On December 21, 2017 HM Treasury announced the creation of a new watchdog organization, the Office for Professional Body AML Supervision (OPBAS), to strengthen anti-money laundering (AML) standards and to facilitate cooperation across law enforcement agencies.
The OPBAS office will provide direct supervision to "22 accountancy and legal professional body AML supervisors in the UK" (1) and will work to "ensure the 22 bodies meet the high standards set out in the Money Laundering Regulations 2017, and have powers to investigate and penalise those that do not." (1)
The OPBAS regulations will take effect on January 18, 2018.
Key Link(s):
- (1) UK Gov Press Release - "UK establishes new money laundering watchdog" - 12/21/2017
- UK Gov - "HM Treasury"
- UK Gov Consultation - "Suspicious activity reports regime: call for information" - 02/25/2015
- UK Gov Legislation - "The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017" - 06/22/2017
- UK Gov Policy Paper - "Action plan for anti-money laundering and counter-terrorist finance" - 4/20/2016
- UK Gov Policy Paper - "Government response to consultation on legislative proposals" - 10/13/2016
