Reform of Anti-Money Laundering Supervision in the UK
The UK government has announced a significant change to the country's anti-money laundering supervisory regime, with the Financial Conduct Authority (FCA) becoming the single professional services supervisor.
This reform will significantly reduce the role of the Solicitors Regulation Authority (SRA), with the FCA working alongside regulators and the professional services sector to strengthen the UK's defences against money laundering and counter-terrorism financing.
The FCA will work with the regulators and the professional services sector – including the legal sector – to improve the UK’s defences against money laundering.
The change is expected to have a significant impact on solicitors, who will need to adapt to the new supervisory regime.
Author's summary: UK government reforms anti-money laundering supervision.
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