UK AML Watchdog Says Professional Bodies Lagging In Fight
Law360, London (March 19, 2020, 10:14 PM GMT) -- Britain's finance watchdog said Thursday that many professional bodies supervising the legal and accounting sectors are still failing to enforce anti-money laundering regulations, even when they find firms breaking the rules.
The Financial Conduct Authority's money laundering unit, the Office for Professional Body Anti-Money Laundering Supervision, published a new report Thursday on the fight against financial crime. It found that professional bodies have made some strong improvements in their supervision of anti-money laundering work, but some supervisors are still falling behind.
"We are pleased to see that OPBAS' work is leading to positive changes in how professional bodies oversee the fight against...
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