Government Strips SRA of Anti-Money Laundering Powers
The Solicitors Regulation Authority (SRA) will lose its anti-money laundering responsibilities, with supervision of law firms passing to the Financial Conduct Authority (FCA).
Chancellor Rachel Reeves announced the transfer, unveiling a 'blitz on business bureaucracy' to drive the government's economic growth agenda.
Following a consultation that began in 2023, the government designated the FCA as the Single Professional Services Supervisor (SPSS) for anti-money laundering and counter-terrorism financing supervision.
The government is to designate the FCA as Single Professional Services Supervisor (SPSS) for AML.
Author's summary: SRA loses anti-money laundering powers to FCA.
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